Doing your own taxes can be confusing, but it’s a life skill that all financially informed people should develop. We’ve gathered information to help you learn about tax basics, prepare for completing your return, and understand the various credits and…
Admit it. At some point during tax preparation, a dangerous thought sometimes crosses your mind: “What if I just don’t file?” And while you likely file your taxes anyway, you may wonder what happens if you can’t pay your taxes…
If you paid for a work-related expense your employer didn’t reimburse you for or if you spend money looking for work, you used to be able to deduct those expenses on your taxes. Starting with 2018 tax returns, those unreimbursed work…
Generally speaking, Americans are a generous lot. According to the National Philanthropic Trust, Americans gave $449.64 billion to charities in 2019. Perhaps one motivation for being generous is that qualified charitable contributions are deductible on your taxes. Frequently, December is…
Do you buy and sell stocks, bonds, mutual funds, and other investment property? If so, you need to familiarize yourself with IRS Schedule D, the form used to report capital gains and losses resulting from the sale of investment property. When…
Being a single parent is tough. Whether you’re newly divorced or have a child with someone to whom you were never married, parenting solo can take a toll on you emotionally, mentally, and financially. If you’re in this situation, your…
As tax season heats up, your mailbox will be flooded with tax-related forms. While many have familiar names and numbers, a slew of new schedules was introduced in recent years. Each has a particular purpose and carries information critical to…
IRS Schedule E is a catchall form for several types of income. You need to attach Schedule E to your Form 1040 (or Form 1040NR) if you earn rental income, receive royalties, or have income from a pass-through entity, such as a…
There are plenty of common tax filing errors. When you discover an error on your return, alarm bells go off. Will the IRS audit your tax returns for the past decade? Will you be arrested for filing a false return?…
Form 1040, the tax form used by individual taxpayers, was first introduced in 1913. The form’s basic setup has remained mostly the same over the past century. For the most part, Form 1040 conveniently collects information about your income, credits,…
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