Understanding the fundamentals of taxation can make the process of tax planning and filing a lot less scary. It is important to understand the essentials of taxation as you are legally responsible to pay tax and can manage your finances in a better way. Basics of Taxes The tax laws are made...
If you ever decide to take the plunge and buy a home, your mortgage will likely be the largest debt you'll ever take on. And as part of owning a home, you may be faced with fees in terms of mortgage points. However, paying mortgage points can sometimes m
How you fill out your W-4 determines how much is withheld from your pay for taxes. Before you adjust your W-4, consider whether you prefer to take home more money each paycheck or if you’re holding out for a bigger refund when you do your taxes. Learn h
Evaluate your requirements and choose software that provides the necessary tools to manage your finances effectively, ensuring the long-term financial health of your business. Determine Your Break-Even Point Understanding your break-even point is crucial for any business, as it indicates the level of...
a critical resource when managing finances after divorce, helping you turn your new short- and long-term financial goals into realities. They can clarify what you need to earn, how you need tosave for retirementor your children’s futures, and how your newly single status affects your taxes....
Small businesses are the backbone of the economy, but they often face a common challenge: managing their finances and taxes. Many business owners find themselves juggling numerous responsibilities, from marketing and customer service to operations and employee management. Amidst this chaos, bookkeeping ...
How do you manage money while you're on strike? Some strikes last a few weeks, while others might continue for months. In either situation, you want to be financially prepared and continue covering your living expenses. Ideally, you have ahigh-yield savings accountwith a strong APY and mini...
Finally, since you are both employer and employee, the IRS also expects you to pay both types of taxes. This comes into play with Social Security and Medicare taxes, which have current tax rates of12.4% and 2.9%, respectively. When you work for someone else, you and your employer split ...
Yes, you still must pay the income taxes on the IRA amount the year that you make the conversion but doing so sets you up in the future to be able to make tax-free withdrawals from at least one of your retirement income sources. Delaying withdrawals if you’re still in a...
While VAT and sales tax audits can be stressful, handling your first tax audit well is important. This is because being audited once potentially increases your risk of future audits, especially if the first tax audit results in you owing a significant amount of additional taxes to the relevant...