Tax Tip 5: Each year you can switch between the simplified and direct method to take the biggest tax deduction. To get the biggest deduction possible, you may need to calculate your deduction using both the direct and simplified methods to see which one comes out ahead for your taxes. ...
Education tax credits like the American Opportunity Credit and Lifetime Learning Credit can significantly reduce the amount you owe in taxes. If you attend a college or trade school, you may be eligible to claim an education tax credit. Learn more about
The tax statement arrived because they sold more than $5,000 in products or services through apps and marketplaces. The 1099-K, officially titled Payment Card and Third Party Network Transactions, finally was issued this year on a widespread basis. It was supposed to go out years earlier to...
Your Charity Work Can Pay off at Tax TimeAre you an active volunteer for charitable organizations?When the annual reckoning with the IRS...By Julian BlockUnited Features Syndicate Inc
“This is a great payout to consider if you are still healthy and able to work during the early retirement years,” said Jared Weitz, CEO of United Capital Source in Garden City, New York, in an email. Working Can Make Your Social Security Benefit Taxable If you are ...
Money market accounts usually pay higher interest rates than traditional bank savings or checking accounts. Fixed-rate returns of 3% or 4% are not uncommon with money market accounts, compared to 1% or 2% for many bank savings and checking accounts. Money market accounts are insured by the FDIC...
In this video, we follow Ektaa, a tax accountant working for a family-owned accounting firm, as she shares the skills and education needed to be a successful accountant. Accountants prepare, analyze, interpret, and report financial records to ensure companies operate efficiently. Having the skills...
Joint policy in trust- the pay out would be paid to the surviving policyholder. if they survived 30 days after the death of the first life. If both policyholders died, the lump sum would be paid to the trustees for either distribution or for use of the lump sum for the benefit of the...
Here's an example of work-related out-of-pocket expenses. Assume an employee has a meeting with a potential client. The employee spends $250 on airfare, $50 on Uber rides, $100 on a hotel, and $100 on meals—all charged to their own credit card. After the trip, the employee submit...
traditional 401(k), you don’t have to pay taxes on investmentgains, interest, ordividendsuntil you withdraw money from the account. However, if you have a Roth 401(k), you won’t have to pay taxes on qualified withdrawals when you retire, as contributions are made with after-tax ...