Don’t Forget These 7 Stimulus Relief Related Last Minute Tax Tips
The May 17th tax deadline is quickly approaching. In a normal year, you may already have a lot of last-minute tax tips to remember if you waited to do your taxes. With so much happening in 2020 and the...
View ArticleWhat is Modified Adjusted Gross Income (MAGI)?
Tax season is coming up and for many, it can be just a bit stressful. One reason why families procrastinate with filing their taxes is that they seem intimidating. A big part of that worry is...
View ArticleCan You Buy a House If You Owe Taxes?
If you’re hoping to buy a house but currently owe taxes, you may be wondering if the path to homeownership is even possible. Although you can buy a house if you owe taxes, your tax debt may make it...
View ArticleHow Much Tax Should I Withhold From a 401(k) Withdrawal?
When thinking about your future, you might be considering saving for retirement and how to fund your golden years after you’ve stopped working. A 401(k) plan is a great way to invest your pre-tax...
View ArticlePodcast: First Time Filing Taxes? Start Here!
Welcome to Friends With Tax Benefits. In the fifth episode of season two, hosts Daniel Thrall and Lauren Thomas chat with Edgar Gatsinzi, a 22-year-old in the entertainment industry who just landed his...
View ArticleInternational Student Tax (File for F-1 Tax Returns)
Are you starting or returning to college in the US this year? New people, fresh experiences, and a whole world of exciting opportunities await you as an international student. You’ll get to experience...
View ArticleTaxes 101: The Gift Tax
“It’s my money and I’ll do with it what I want.” Nice thought, but not quite true. You needed to account for it when you earned it, and likely paid tax at that time, and you need to be aware of the...
View ArticleHow to Avoid Self-Employment Tax & Ways to Reduce It
Throughout its history, America has been the land of self-made men and women. But, America’s self-employed must contend with a unique burden every April 15 (this past year, April 18): the...
View ArticleHow to Get a Tax Break for Summer Child Care
Even though the tax day is still on its way, it is never too early to begin planning out your summer vacation! Easy if you are a kid, that is. Summer child care can get expensive. Fortunately, Uncle...
View ArticleHow Reselling Could Affect Your Tax Situation
Increasingly, we live in a side-hustle world, where many people look to either supplement or replace more traditional income with a variety of part-time or freelance jobs. There are various pros and...
View ArticleCan I Take the Home Office Deduction?
So, you have a nice work setup at home. Does that mean you get to write it off on your taxes? If you’re new to working remotely or running a small business from home, it’s understandable that you have...
View ArticleAre You Ready for Some Football Tax Tips?
The biggest game of the year is almost here! Just as the new tax season is beginning to ramp up, football players are also kicking into high gear as their teams compete for a chance to win the most...
View ArticleTax Credits 101: What They Are & How They Work
There are several ways that doing your taxes can actually put more money back into your pocket. Federal tax credits are kickbacks from the government to incentivize certain behaviors or provide relief...
View ArticleTax Credits for Hybrid Cars and Electric Vehicles: Maximize Your Savings
If you’re thinking about buying a new car, you should be aware of the list of vehicles that are eligible to increase your tax refund. Federal tax credits for hybrid cars and electric vehicles include...
View ArticleHow to File an Extension: A Step-By-Step Guide
Unexpected things happen in life, and sometimes you can’t get your taxes filed on time. If you can’t file your taxes by the April deadline, you can file an extension to get more time to file your...
View ArticleResidential Clean Energy Credit: A Homeowner’s Guide
Clean energy plays a key role in protecting the environment, and the Residential Clean Energy Credit makes clean energy more accessible for homeowners. If you’re thinking about installing solar panels...
View ArticleBasics of Health Savings Accounts
Unexpected medical costs without proper savings–including health insurance deductibles themselves, which have even gone up in recent years–can really leave you in a bind. One of the ways you can ensure...
View ArticleHow Long Do You Have to Pay Taxes?
As a taxpayer, you have to file and pay your taxes by the IRS deadline — but tax deadlines vary based on the type of taxes you’re paying. There are different deadlines for personal income tax,...
View ArticleNanny and Housekeeper Tax Rules
For many families, spending time with their loved ones along with juggling work obligations means something has got to give. A solution that some families have found to be helpful in keeping up with...
View ArticleShould You Contribute to a Roth IRA, Traditional IRA or 401(k)?
It’s easy to get overwhelmed by the plethora of options to choose from when it comes to trying to save for retirement. What’s the difference between opening a Roth IRA or 401k? Are there benefits to...
View Article