Self-employed taxpayers likely need to pay quarterly tax payments and meet key IRS deadlines. Here’s a closer look at how quarterly taxes work and what you need to know when filing your tax returns.
How to Fix Taxes and Social SecurityLaurence J. Kotlikoff
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Say you purchased a TV 10 years ago for $400. After a while, you upgrade to a bigger TV and sell your current one via an online marketplace for $50. Since you sold the TV at a loss, you would not need to pay taxes on this sale, even if the sale is listed on a 1099-K you...
If you work as a freelancer—or you’re a small business contracting out employment—filing your taxes may look a bit different than those who receive standard W-2 forms. Small business owners have a number of tasks to complete during tax season, and one important step is providing1099 forms...
You planned for years and you’re finally getting those Social Security checks. But do you have to pay taxes on Social Security benefits? Can you also earn money at a “retirement job,” or would you have to pay more taxes? Do you pay taxes on your Social Security if you take ...
Any time your income or family situation changes, you need to review the impact on your finances. You may need to adjust your withholding, change your investment strategy or begin to payestimated taxes. At a minimum, I recommend that you sit down and plan out your taxes once a year. If...
These deductions are typically authorized by the employer and are withheld from an employee’s paycheck on a pre-tax basis, meaning that the employee does not pay income taxes on the deducted amount. The deducted amount is then used to cover specific expenses, such as insurance premiums, retire...
re a first-time tax DIYer, you’re often on your own as far as figuring out the basics of how to do taxes. Even if you’re an experienced DIYer, keeping up with all of the changes is tedious. So, I wanted to lend a hand. This article will highlight a good chunk of things to...
The term “tax credit” refers to an amount of money that taxpayers can subtract directly from the taxes they owe. This is different from tax deductions, which lower the amount of an individual’staxable income. The value of a tax credit depends on the nature of the credit. Certain types...