You owe recapture taxes. You owe Social Security or Medicare tax on tips you didn’t report to your employer or that your employer didn’t already take out of your pay. Advance payments of the premium tax credit were made for you, your spouse or a dependent who got health coverage throug...
Taxes are due when you sell, trade or dispose of your cryptocurrency investments in any way that causes you to recognize a gain in your taxable accounts. This doesn’t apply if you trade cryptocurrency in a tax-deferred or tax-free account like an individual retirement account...
Pay off high interest rate debt.One of the best ways you can use your tax refund is to pay down credit card debt. Not only will you reduce your monthly credit card payments, but you can save money on the interest you would have paid. If you have several credit cards, pay off the o...
Did you have a medical event last year that resulted in bills totaling more than 7.5 percent of yourtake-home pay? You can write those bills off your taxes. Did you make $50,000 last year and spend $5,000 on excess medical bills? Your minimum threshold was $3,750. So, you can wri...
You would think that when you finally retire and start collecting Social Security that you no longer have to pay income tax. But this isn't always true. Watch this video to find out more about income taxes for those on Social Security....
When you’re laid off, it can be challenging to do much of anything at first, but you have to take steps to safeguard your finances.
Should I Use My Tax Refund To Pay Off Debt? Debt can make it challenging to reach your financial goals, but not all debt is created equal. Credit Card Debt It’s the high-interest rates on credit cards that make it “bad” debt. If you don’t have a strategic plan to pay off cre...
With an EIN, you can withhold federal income tax, Social Security, and Medicare contributions from employee paychecks while also fulfilling your employer tax obligations. Without an EIN, you cannot establish payroll, provide W-2 forms when tax time comes around, or pay federal taxes on behalf of...
BOOM. Pay big $ to upgrade. Over the course of a 7 year university degree, that cost can amount to over $1000 on online tax filing software, computed using equation (1). Even more than that if you are like me and interned in a different state ever year. ...
Converting a SIMPLE IRA to a Roth IRA can be the right choice if you can afford to pay the taxes on the conversion and expect to be in a higher tax bracket after you retire. You’ll benefit from the tax-free withdrawals that Roth IRAs provide. Also, Roth IRAs aren’t subject torequi...