#tax returns
Hillary Gets Last Laugh #TrumpTaxReturns
‘If Hillary releases her emails, I’ll release my tax returns immediately’,Trump #IMPOTUSx2#COVID45#TRE45ON
Manhattan DA Cyrus Vance #LockHimUp
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Cost Basis: Tracking Your Tax Basis
“Basis” is one of the most important words in the lexicon of taxes. Sometimes you see it by itself. Sometimes it’s called “cost basis” or “adjusted basis” or “tax basis.” Whatever it’s called, it’s important to calculating the amount of gain or loss when you sell an asset. To find out more about this important tax concept, see the full TurboTax article.
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How Bonuses Are Taxed
Working hard all year to help your company meet its annual goals deserves a reward, and you’ve definitely earned that bonus. But bonuses count toward your income for the year, so they’re subject to income taxes. To learn how much tax you can expect to pay on your bonus—and for tips on reducing your tax liability, see the full TurboTax article.
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How the PATH Act Benefits Small Business Owners
Small businesses create jobs and help drive economic growth, and they can improve their bottom line at tax time under the Protecting Americans from Tax Hikes (PATH) Act that was passed in 2015. Recent provisions in the Act extend and protect certain tax benefits for businesses, making long-term planning easier for fledgling companies, entrepreneurial firms, and startups, to name a few. To find out more, see the full TurboTax article.
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Tax Tips for Freelance Writers and Self-Published Authors
If you earn money selling your words to websites and other publishers, the Internal Revenue Service will likely say you’re a small business owner. Freelance income is self-employment income, and so are any royalties you receive for that book you published or self-published. That can be a good thing, because the self-employed are privy to some tax perks that employees don’t usually receive. To learn more, see the full TurboTax article.
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Tax Tips When Sending Kids to Private or Public Schools
The decision to send your child to a public or private school is a personal choice. If you settle on private K-12 schooling, there are a few benefits that can help to reduce your federal tax liability and, in some states, your state tax as well. You’ll really see a tax benefit, though, when you send your child to college. Both private and public post-secondary educations come with some generous tax breaks for your family to help make education more affordable. To learn more, see the full TurboTax article.
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What Are Tax Brackets?
The United States uses a progressive tax system, which means different portions of your income are taxed at different rates. To learn more about this system and how it impacts your taxes, see the full TurboTax article about tax brackets.
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Side-Giggers: Tax Tips for Side Jobs
Having a side gig can help you make ends meet or build your rainy day fund. Income from freelance work, running your own small business or working at a second job brings in extra income without requiring you to quit your day job. But, like your main source of income, a second job or side gig must be reported on Form 1040 at tax time. To learn more, see the full TurboTax article.
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5 IRS Penalties You Want to Avoid
Careless mistakes at tax time can leave people paying more money to the IRS. Those mistakes are avoidable through awareness of and strict adherence to the tax rules, including deadlines. See the full TurboTax article to learn the five most common IRS penalties and how to avoid them.
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Top 4 Red Flags That Trigger an IRS Audit
Certainred flags in a tax return are sure to draw scrutiny by the IRS. Some are easy to sidestep. Others, can’t be helped. These include:
- Not reporting all of your income
- Breaking the rules on foreign accounts
- Blurring the lines on business expenses
- Earning more than $200,000
To find out more, read the full TurboTax article.
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What Is Form 1098-E: Student Loan Interest Statement?
If you paid interest on a qualified student loan, you may be able to deduct some or even all of that interest on your federal income tax return. Student loan companies use IRS Form 1098-E to report how much you paid in interest. Borrowers get a copy of this form, and so does the IRS. To learn more about who sends it and what to do if you don’t receive one, see the full TurboTax article.
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Top Tax Deductions for Photographers
Running a photography business requires a lot of space—from the studios where you shoot to the storage space where you keep a library of props. You can deduct the cost of the venues used for your business. You can also deduct other costs associated with studio space that are used to maintain it, like electricity, phone, internet, and insurance. For more tax tips, see the full TurboTax article.
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Real Estate Tax Tips: Owning Property as a Tenancy in Common
“Tenancy in common” (or TIC) refers to a situation in which ownership of a piece of property is divided among multiple people. When the owners of a piece of real estate have a tenancy in common, it can create a number of complications related to taxes. See the full TurboTax article for details.
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Penalties for Not Filing a 1099-Misc IRS Form
If you receive income from a source other than earned wages or salaries, you may receive a Form 1099-MISC,Miscellaneous Income. Generally, the income on this form is subject to federal income tax and state income tax. The IRS requires those that pay miscellaneous income in the course of their trade or business to issue Form 1099-MISC to their payees and requires the payees to include these payments on their tax returns. For details, see the full TurboTax article.
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