Preparing a paper federal income tax return is a choice for many, but at the same time, it’s an obligation for many. Specific tax forms can’t be filed electronically, and in that case, you must paper file your tax return and mail it to the Internal Revenue Service. Although it should be your priority to … Read more
The Internal Revenue Service announced the inflation and changes to the cost of living adjustments for the 2022 tax season. There are increases in the bracket amounts in the included changes, but the long-awaited and discussed tax hike isn’t taking place for the 2021 taxes. The marginal tax rates remain the same at 10 percent, … Read more
The Biden administration proposed a bill that would require companies with at least 100 employees to be vaccinated against COVID-19 or have weekly test results. Immediately after the bill, many Republican governors and other lawmakers made their stance against it, claiming that it was against the constitution. Although this new rule wasn’t going to take … Read more
401k is the most accessible retirement savings option for millions of Americans. Now that there are talks about automatic 401(k) for those that aren’t offered by their employers, it’s becoming even more critical. The same as the IRA contributions, funding certain 401k accounts are deductible. You’re qualified to deduct as much as you claim. Considering … Read more
Are there any changes to Form W4 for the tax season? It’s a normal reaction if you’re wondering whether there are changes to the Wage and Tax Statement form or not. The Internal Revenue Service makes changes to tax forms every year as minor adjustments are made to the US tax code. Though staple tax … Read more
SALT is commonly comes across when dealing with taxes, but what exactly is it? SALT is the abbreviation for State and Local Taxes. It’s especially important when you’re filing a federal income tax return and itemizing deductions. Unless you’re living in a state without an income tax, you can write off the state and local … Read more
The Free Application for Federal Student Aid is a multiple-step process that evaluates whether or not a student is eligible to receive financial aid. Upon the student and his/her parent or guardian completing the application electronically or on paper, the Department of Education issues a summary of this known as the Student Aid Report. It’s … Read more
The federal law requires employers to take a portion of their employees’ wages and forward them to the Internal Revenue Service. The employees – in a way – control how much tax is taken out from their income by filling out a W4. The form lets the employees give information about their anticipated federal income … Read more
The credit score of an individual is perhaps one of the most important aspects of their finances. Whether you’re applying for a mortgage, auto loan, personal loan, or even when you want to rent a house, your credit score is involved. Since your credit score is the first thing a lender is going to look … Read more
The tax man has several ways to measure your income and modified adjusted gross income is one of them. Commonly mistaken with adjusted gross income, modified adjusted gross income is different but somewhat similar to it. The main use of modified adjusted gross income is to figure out eligibility for certain deductions like the IRA … Read more