with the extra income comes the responsibility of reporting it correctly on your tax return. In this guide, we’ll walk you through the essential steps to ensure you file your taxes
Wondering how to file 1099-NEC? If you're an independent contractor receiving this form, learn the steps to report your income properly, especially if your annual payments total $400 or more.
Make sure to set aside a portion of your sales regularly for federal and state taxes. Or, if you also have wages as an employee, consider increasing your tax withholding from your pay usingForm W-4. By planning your taxes now, you can avoid a surprisetax billwhen you file your return....
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.
Filing back tax returns could help you do one or more of the following: 1. Claim a refund One practical reason to file a back tax return is to see if the IRS owes you a tax refund. While many have federal income taxes withheld from their paychecks, sometimes too much money is withheld...
Does the FAFSA®ever require both parents’ income if they’re divorced? As stated above, if your parents are divorced, you’re required to provide the income of the parent provides more financial support. If this parent is remarried, you’ll also include that stepparent's information on ...
Deflation is a sign of a poor economy, but it has both negative and positive effects on the average individual. “It can be good because it gives people more purchasing power, which can stimulate the economy. However, companies and businesses will have to reduce production to offset loss in...
10 Essential Tech Tools for Older Adults These devices can make life easier and healthier for seniors. Rachel HartmanNov. 20, 2024 Find the Right Place to Retire You can live anywhere you want in retirement. So where should you go?
For those who are able, now is a good time to contribute the maximum allowed in tax-incentivized retirement funds such as IRAs and 401(k) accounts. “Stay the course,” Moore says. “Keep investing.” Low market prices mean investors have the opportunity to buy more shares of a fund and...
A loan tied to your employer. Because a 401(k) is an employer-sponsored account, things get complicated if you leave (or are asked to leave) your job — you'll have to repay the full amount of your loan before the due date of your federal income tax return. Derailing your retirement...