Category: Taxes

5 Tax Deductions for Self-Employed Freelancers & Small Business Owners

There are lots of expenses associated with the start-up and day-to-day operations of a business. Fortunately, many of these expenses are deductible, lowering the owner’s income tax and self-employment tax. Here are five deductions that can benefit small-business owners and self-employed taxpayers.

5 Tax Deductions for Self-Employed Freelancers & Small Business Owners is a post from Money Crashers.

Does Paying Taxes Late Affect Credit?

NOTE: Due to the COVID-19 coronavirus pandemic, the IRS has extended the federal tax filing and payment deadline to July 15, 2020. The recent relief package passed by Congress may have additional tax implications. Please contact a tax adviser for information you may need to complete your taxes this year. Learn more. It’s a good… Read More

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Are Social Security Disability Benefits Taxable?

Social Security benefits, including disability benefits, can help provide a supplemental source of income to people who are eligible to receive them. If you’re receiving disability benefits from Social Security, you might be wondering whether you’ll owe taxes on the … Continue reading →

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3 Tax Scams You Need to Watch Out For

According to the Internal Revenue Service (IRS), there was a 400% increase in phishing and malware incidents during the 2016 tax season. And tax scams extend far beyond email and malware to include phone scams, identity theft and more.  While the April 15 filing deadline still feels far away, as Yogi Berra said, “It ain’t… Read More

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18 Ways the New Tax Laws Affect You

The final 2017 Tax Cuts and Jobs Act legislation passed December 20, 2017, and was signed into law on January 3, 2018. It ended up being less scary than many Americans had feared. And while the biggest impact may yet prove to be on businesses, some important changes affect you and the majority of other… Read More

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Wealth Tax: Definition, Examples, Pros and Cons

A wealth tax is a type of tax that’s imposed on the net wealth of an individual. This is different from income tax, which is the type of tax you’re likely most used to paying. The U.S. currently doesn’t have … Continue reading →

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Don’t Get Tricked: Identity Protection Tips You Need

The weather is turning, fall is in the air, and Halloween is around the corner—which means it’s National Cybersecurity Awareness Month. How can you ensure October is full of treats while not falling for any scammers’ tricks? By arming yourself with these identity protection tips. Every American should understand the basics of identity theft protection…. Read More

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Homeowners Get a Tax Credit for Buying a House

  Being a homeowner comes with all kinds of pros and cons that don’t come with renting. You have a yard, but you have to care for the yard. You have a payment, but you get to deduct your mortgage interest on your tax return! And while the Tax Cuts and Jobs Act (TCJA) reduced… Read More

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How to Avoid Paying Taxes on Inherited Property

Inheriting a home or other property can increase the value of your estate but it can also result in tax consequences. If the property you inherit has appreciated in value since the original owner purchased it, you could be on … Continue reading →

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Should We Employ Our Own Kids? (and How Much to Pay Them)

Way back in 2015, I had a nine year old boy. Even back then, I could see him showing some early flashes of adulthood and maturity, and it got me wondering about his future as it relates to money and freedom. So I wrote a post called What I’m Teaching My Son About Money, which shared some […]