#tax return
Top Tax Deductions for Consultants
Consultants are likely to have deductible business expenses that can help you save big on your taxes. A checklist can help you account for every deduction you’re entitled to use. See the full TurboTax article for the top tax deductions for consultants.
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What Is the Federal Supplemental Tax Rate?
If you work as an employee, the amount of tax withheld from your paycheck is based upon the information you provided on Form W-4. However, if you receive any form of supplemental wages during the year, your employer may be required to withhold tax using a different method. To learn more how supplemental wages affect your tax return, see the full TurboTax article.
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Do You Have to Claim Pell Grant Money on Your Taxes?
The IRS treats a Pell grant as a scholarship, which means it’s possible that you’ll have to report the grant money on your tax return and maybe even pay income tax on the money. For details, see the complete TurboTax article.
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The Musician’s Guide to Taxes: Top Tax Deductions
The chance to be creative—and the opportunity to be your own boss—makes working as a musician exciting. Launching and maintaining your music business usually involves paying some basic business expenses, and you can deduct these on your tax return. See the full TurboTax article for some of the top business deductions and expenses for self-employed musicians, as well as some tips to guide you through filing your tax return.
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Strategies for Managing Your Tax Bill on Deferred Compensation
Deferred compensation refers to money received in one year for work performed in a previous year—often many years earlier. Typically, you receive deferred compensation after retiring or leaving employment. If you’re receiving deferred compensation, or considering an offer than includes a deferred compensation plan, it’s important to understand what you can do to reduce your tax bill. To find out more, see the full TurboTax article.
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