A taxpayer who fails to carry minimum essential health coverage through 2018 and is not exempt from this requirement owes a shared responsibility payment. It is treated as a tax owed on the person’s tax return. But if the taxpayer files for bankruptcy…
Amounts in 401(k) plans are designed for retirement savings. However, they can be tapped for an immediate and heavy financial need. There are certain situations that clearly fit this bill, such as facing foreclosure on a home or funeral costs. When it…
Freelancing brings a lot of great benefits to the table. You get to control your own schedule. You can charge what you want for your services. You can work from practically anywhere. Yet, being a freelancer also comes with its own set of challenges. On…
Who doesn’t love a good refund? There’s the kind you get when you return a shirt to the mall or complain because the Wi-Fi wasn’t working on your cross-country flight. And then there’s the kind that can really make a difference in your annual budget an…
Late Tuesday afternoon, the Internal Revenue Service (IRS) announced an extension to the tax filing deadline after its systems for electronically filing tax returns were offline for most of the day. Tax filers now have until midnight on Wednesday, Apri…
In the wake of the Tax Cuts and Jobs Act, business owners nationwide are looking closely at whether incorporating as an S corporation or a C corporation will offer a greater reduction in their tax burdens over the long haul. While C corporations …
When it comes to “being your own boss,” Americans seem to have it covered. About 15 million people in the U.S. are self-employed, or 1 in 10 workers according to the Bureau of Labor Statistics. But when tax season rolls around, many hire tax profession…
The Earned Income Tax Credit is a refundable tax credit designed in part to reduce the tax burden on low income individuals and families both with and without children. In 2017, the maximum credit was $6,318 ($6,431 in 2018).Earned Income Tax Cre…
A tax credit reduces your total tax liability, and there are several types of credits available to help taxpayers do that. Traditionally popular credits are those related to children. And recent tax reform legislation expanded the availability of tax c…
Freelance tutoring is a great way to earn some extra cash. Sometimes it can even turn into your full-time income stream. But being a freelancer means you are an independent contractor, not an employee of a company. In this case, the Internal Revenue Se…
