2026 Social Security COLA Get ready for the rate increase to Social Security benefits, which will start in January 2026. Rachel HartmanMay 14, 2025 What Is the FICA Tax? Learn the rates to see how the FICA tax
We make becoming tax savvy easy with insightful, simple to understand videos and how-to tax tips. Stay in the know and get your taxes done right. Featured tax tips FAMILY Rules For Claiming a Dependent on Your Tax Return Claiming dependents can help you save thousands of dollars on your ta...
It may seem counter-intuitive, but sometimes it makes sense to give a portion of your inheritance to others. In addition to helping those in need, you could potentially avoid taxable gains on appreciated property and receive a tax deduction by donating to a charitable organization. If you're...
Experiencing a major life change or receiving a big refund or a high tax bill are all reasons to consider filling out a new W-4 form and adjusting your withholding amount.
Your employer will also deduct social security and Medicare payments. On January 31st, your employer will be required to give you a Form W-2, a wage and tax statement, showing how much they have deducted from your pay to go towards income taxes. You must set aside money each quarter for...
, taxpayers may want to make some adjustments now to try to maximize their tax refunds. Some moves could potentially be made before the April 15 deadline this year, while others you might want to plan for throughout 2025 for next year’s tax filing,before any tax laws potentially change....
Claim or change aforeign tax credit Claim a deduction for foreign income taxes What are the benefits of filing an IRS amended return? Filing an amended return could result in benefits, like: Claiming a tax credit that would increase your refund or even give you money back ...
Aside from the joys of parenthood, one of the perks of having a child is that you get a tax break when you claim him as a dependent. To claim this deduction, your child needs to have either a Social Security number or a Individual Taxpayer Identification Number. If he doesn't have eit...
Qualified Business Income Deduction Under the Tax Cuts and Jobs Act, some S corporation owners may be able to deduct up to 20% of their qualified business income. This deduction isn’t available to C corporation shareholders. Qualified business income (QBI) is basically your share of the compan...
Tax deadlines can be easy to miss, leading to expensive penalties. Mark these dates in your calendar and note that filing dates may change each year. 💡 Here is the IRS’s online tax calendar with all the latest deadlines. Tax extensions: Need more time to file? You can request an ext...