The best news is that it is practically automatic, with no special requirements, as long as you send your extension request promptly using the correct form. However, always double-check the laws in your state, as some have entirely different extension request forms. You can submit Form 4868 ...
When you sell an asset for more than your adjusted basis, you have to pay capital gains tax. However, there's a big difference between short vs long-term capital gains and how they're taxed. Here's a breakdown of short vs long-term capital gains and...
Form 5498: What it is and who has to file it 4 min read Short-term vs. long-term capital gains: How to trim your tax bill 5 min read Tax Levy: What it is and how to deal with it 3 min read Taxes Taxes on traditional and Roth IRA and 401(k) withdrawals: What you should know...
Itemized deductions claimed on Schedule A, like charitable contributions, medical expenses, mortgage interest and state and local tax deductions Unemployment income reported on a 1099-G Business or 1099-NEC income (often reported by those who are self-employed, gig workers or freelancers) ...
Generally, if you owned your capital asset for more than a year, the gain or loss when you sell it is considered long term. If you owned the asset for less than a year, the gain or loss is a short-term capital gain or loss. Other rules apply if you inherited your asset or receive...
You don’t have to file Form 5498, but it’s a key tax form to keep for your IRA records. 4 min read May 05, 2025 Short-term capital gains tax rates, and how to reduce your taxes Paying attention to short-term capital gains tax rates can help you save money in the long run...
If you’re carrying a balance on a credit card or another form of high-interest debt, odds are those interest charges are racking up over time. Paying down that balance will save you money in the long run and free up your budget for fun purchases. READ: How to Get a Fresh Start ...
15 to file your tax forms, you must pay any tax you owe when you file your extension form today. April 15 also is the deadline several other tax tasks. They include: Making your first 2025 tax year estimated tax payment. There's no extension allowed here.Adding to your IRA, either...
The rate of taxation on the profit depends on the length of time for which the asset was held. Short-term capital gains (on assets sold one year or less after they were acquired) are taxed at the owner’s ordinary income tax rate, whereas long-term gains on assets held for more than...
May 26: Yes, the end-of-May long weekend is a time for fun. But don’t forget the real reason for the Memorial Day holiday. Take time to honor the military personnel who made the ultimate sacrifice. And don't forget about their families. There are some tax considerations offered survivo...