Independent contractors and others who receive income from sources other than an employer can expect to receive a 1099 instead of a W-2. So, what is a 1099, and how do you use it to file your taxes? Here's everything you need to know about Form 1099, inc
What is adjusted gross income? Your adjusted gross income (AGI) is used to calculate your state taxes and qualify for loans. Calculating your AGI is easier than you might think, and the IRS offers a simple online tool. If you need to find your AGI to fil
If you're granted CNC status, the IRS agrees that you can’t afford to live your life and also pay your taxes. But a CNC status doesn’t mean you'll never pay those taxes. It just means you won't have to pay them immediately, but interest and penalties will still accrue....
10 Life Events That Impact Taxes A person’s tax situation can depend on factors like their marital status and income level but there are many other things that can influence it. Maryalene LaPonsieJan. 30, 2025 Inflation Is Impacting Americans ...
What Happens If You Don't File or Don't Pay? If you find yourself in trouble, you do not want to skipfiling your tax returnor fail to pay your taxes altogether. The government has the authority to forcibly seize your assets if you don't try to make good on your income tax liability...
For business equipment, you'll pay your regular income tax rate on gains up to the amount of depreciation you claimed. Real estate investors face a more favorable maximum rate of 25% on depreciation recapture. The key to managing these taxes lies in keeping detailed depreciation records, underst...
Unrealized gains versus income might strike some as an apples-to-oranges comparison: After all, people with 401(k) plans who see those accounts grow in value won't pay taxes on that increase in wealth until they cash out. Similarly, home values go up, yet people don't pay taxes on ann...
While this isn't a complete list of soft skills, it can help you get started with your own list of soft skills. Creating your list will help you understand your unique selling proposition and what you have to offer to your employer and your industry. ...
If you have a significant amount of income coming in from your side business, then there’s a good chance you’ll owe extra taxes. While it would be easier to calculate it at the end of the year and make one lump-sum payment, income taxes are a pay-as-you-go system. ...
Learn the key differences between payroll tax and income tax. Including who pays them, how they're calculated, and their purposes in the tax system.