There are seven states within the United States which employ a flat rate income tax. All taxpayers receive the same rate independent of the total amount of their earned income. Support of this type of tax system is fairly split between those who agree and those who oppose. Some suggest it is a fair system […]
— Read moreIf you pay taxes to another state for income earned within that state, but it is not the state in which you reside, you will be filing a nonresident tax return. Usually you have to file these returns in addition to returns four income earned in your home state. Here’s what you need to know […]
— Read moreIf you earn income in a state that you don’t live in, or if you receive any of type of income in another state, when tax times rolls around, you’ll likely have to file a nonresident tax return. The process doesn’t have to be complicated. To start out, you have to determine the exact amount […]
— Read moreAs a service professional, sometimes there can be nothing more rewarding than a generous tip from a customer. While those tips may feel great in the moment, come tax time, you can’t forget to include them in your income. The IRS offers these tips for taxing your hard earned tips: They’re taxed. Tips are considered […]
— Read moreThe wedding bells have rung, the rings exchanged, and now its tax season. So what exactly does that mean for you, a recently married taxpayer? First, you need to know how to file your return. You can use either married filing separately or married filing jointly, the latter which generally provides the lowest tax rate. […]
— Read moreAny amount of savings at tax time is beneficial for the self-employed, and new tax breaks make it even easier to accrue said savings. Legislation was enacted to allow workers to deduct costs related to paying their own health insurance before payroll taxes are calculated. As a self-employed taxpayer, this legislation can reap great benefits […]
— Read moreTaking as many deductions as you are legally entitled to is a great idea, especially if you want to maximize your tax benefit. However, it may not be as obvious as you’d think when it comes to taking deductions legally. Avoid the following deductions, as they are often used in error. Weight Loss Deduction: You […]
— Read moreGiving to charity is a good thing, especially during times of need, such as a disaster response. However, do you know how giving to charity affects you at tax time? There’s a few things you should consider: Itemizing You need to itemize your deductions via a Schedule A in order to deduct your charitable contributions. […]
— Read moreWhen you file your tax return, you should be aware that receiving a large refund (think $2,000 or more) can mean you have some work to do. You should review your withholding options on your W-4, which you fill out with your employer. Basically, each paycheck the government withdraws the amount of taxes they estimate […]
— Read moreDid you use some of your extra cash to invest in the stock market? If so, you may have received a large tax bill that you weren’t expecting. When investing your hard earned cash, remember two things: Securities in which you receive dividends or earned interest, for example a CD, are subject to taxation as […]
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