It’s common knowledge that you can be audited if you lie on your tax return, but what happens when you don’t pay your taxes? Will the IRS realize one missing tax return of the 195 million returns filed each year? While it’s possible to sneak below the radar, there can be stiff financial and legal penalties.
The annual bonus has to be one of the best workplace benefits. After all, you can do plenty of things with a few extra dollars in your pocket that you don’t have to work extra hours for. This guide covers how bonuses are taxed and how you might be able to minimize your tax bite.
A few years ago, my friend won the Masters Tournament ticket lottery. Given how much demand there is for one…
Cash App Taxes offers a completely free way to prepare you taxes - federal and one state - if you are eligible. If you have a simple tax situation and don't mind using the Cash App, you can file for free.
No one wants to pay more taxes than what the government requires. Handing over more money to the IRS or your state's tax department makes it harder to achieve your financial goals. Here are some ways to maximize your tax credits and deductions to get a bigger refund.
Did you hear, perhaps on TikTok or elsewhere, about a “new” tax on money you receive through apps like Venmo,…
The federal threshold for a taxable estate is $11.7 million. However, states impose their own taxes which will impact a lot more people. If you believe you are close to the federal or state estate tax threshold, you should invest some time and money into determining if estate taxes will affect your estate.
The step-up basis loophole says that when assets are inherited the heir receives the asset at market value. If they sell the asset they will only pay capital gains on any growth that took place after they took ownership.
TaxSlayer offers low cost, online tax prep. Their free version isn't as comprehensive as other platforms, for example it doesn't support dependents. However, their paid plans are less expensive than their competitors.
Your income is not all taxed at the same rate. Instead, different levels of income are taxed at different rates. Your effective tax rate is not your tax bracket, but is probably best described as an "average" tax rate pertaining to the federal income taxes you pay.
Donor-advised funds are perfect for those who give regularly to charities but not enough to take advantage of itemizing their deductions. These funds allow you to group many year's worth of donations into one year to optimize your tax deductions.
While there are a few scenarios that allow you to skip filing a return, it's usually a good idea to file even if you don't have to. Filing allows you to receive a refund, if you over paid your taxes and makes you eligible for any assistance you may qualify for.
