Health insurance and medical expenses are complicated. Having to navigate both your own taxes and own health insurance premiums without much external help can be a nightmare if you’re disorganized. Fortunately, the IRS offers many advantages for self-employed folks when it comes to paying for your own health policies instead of having an employer subsidize these expenses for you. While the federal government is currently debating how to overhaul both the U.S. tax code and health insurance legalities, here are the most-recent guidelines on … [Read more...] about 5 Things You Need to Know About Deducting Health-Related Expenses When You’re Self-Employed
Taxes are complicated for just about anyone. But, for contracted workers, freelancers, and self-employed individuals, filing taxes can be downright nightmarish. While it helps that income taxes are changing and the standard deduction is increasing for 2018, there are still multiple hurdles to filing and paying taxes each year. If you or your accountant realize you might need to start making quarterly payments, also known as “estimated payments”, on your taxes due to income not being withheld, then here are a few crucial things to know … [Read more...] about How to Start Filing Quarterly Taxes as a Freelancer
With a stroke of a pen, the president signed the new tax reform law into existence. The law, which is formally known as the Tax Cuts and Jobs Act, takes effect on January 1, 2018. The act will mean millions of businesses and consumers will see their taxes change for the 2018 filing cycle. The law is widely known to reduce the corporate tax rate from 35 percent to 21 percent. Many individual income brackets change as well. So how can you save on your taxes for next year? How You Can Save on Taxes Standard Deduction Taxpayers have the option … [Read more...] about Taxes Are Changing – Find Out How You Can Save on Your Income Taxes
When it comes to income taxes, many people experience confusion as it is not always an easy topic to understand. They don't know how to claim an income tax refund. During the tax year, you may find that you have not paid enough income tax and that you, therefore, owe money to the government as a result of this. However, it also works the other way. You are eligible to receive an income tax refund when you have paid more tax to the government than your actual tax liability. In this article, I will talk about the basics of claiming a tax … [Read more...] about Getting Back Your Money – How to Claim an Income Tax Refund
According to a recent Nasdaq survey, 41% of Americans who received a tax refund in 2016 put that money into savings. While 38% used the money to pay off debts. Just 5% of Americans splurged on a big purchase. But, what should you do with your income tax refund? Should you pay off debt or invest? Just like how receiving a big tax refund isn’t always a big deal, putting that money towards something that’s more “entertaining” than “responsible” isn’t always a bad option either. What you should do with your income tax refund depends on your … [Read more...] about
Income tax refund anticipation loans are not a good deal for consumers. In fact, they are downright crummy and can cost you hundreds of dollars. Unless you are in dire need of funds right away for a legitimate emergency, you are better off being patient and waiting for your income tax refund to come to you through direct deposit or even the mail instead of getting an income tax refund loan. What Is an Income Tax Refund Loan? A tax refund anticipation loans is a program offered by many of the nation’s largest tax filing companies. The program … [Read more...] about
There are some crazy things that Uncle Sam wants to collect taxes on from you. Did you know that Michael Phelps and the rest of the US Olympians who earned a medal in the Olympics will owe the United States government taxes on their prize money under current law? Having a tax bill on these events just blows my mind. There are some other events and windfalls that can trigger a tax bill if you’re not careful. Here are five of the most random things that generate taxable income and a subsequent tax liability for you when it comes time to … [Read more...] about 5 Amazing Events That Trigger A Tax Bill like Winning an Olympic Medal
This is the next installment in the Reader’s Questions Series, which highlights questions emailed to me by you, the readers of Money Q&A. Be sure to find out at the end of this article how you can receive a free copy of Dave Ramsey’s book, The Total Money Makeover if I feature your money question on the next blog post. If you’re not familiar with Dave Ramsey’s book, you should run right out and get it. It’s one of the top ten best personal finance books you should read. Today’s question comes from … [Read more...] about Reader Question: What To Do If You Get Audited By IRS?
We’re in the thick of tax season, and if you’re having anxiety about handling what you owe whether personally or for your business, you’re not alone. You're not alone if you think, "I can't pay my taxes". If you’re expecting to owe a large sum to the IRS by the April 15th deadline, and know you’re not going to be able to pay off your debt, there are various ways to approach your situation. Filing Issues Even if you can’t pay what the IRS expects of you, you absolutely need to make filing a priority. While the date usually falls on April 15th, … [Read more...] about I Can’t Pay My Taxes: What Should I Do?
April 15th will be here before you know it. If you are like me, you may be dragging your feet on filing your income tax return. There are many income tax deductions that you may inevitably qualify for, but you do not want to miss them. Make sure that you pay that taxes you owe, but do not pay more taxes than you have to. In 2009, more than 45 million Americans itemized deductions on their tax returns to the tune of $1.2 trillion dollars of savings and deductions. But, the real question is: how many income tax deductions did we … [Read more...] about Five Of The Most Important Tax Deductions You Can’t Forget