Among the 50 states, only 5 states has no sales tax. Compared to the income tax, it falls behind but there are good reasons why these five states have no sales tax. So what states have no sales tax on purchased goods and services? In alphabetical order; Alaska, Delaware, Montana, New Hampshire, and Oregon has … Read more
When it comes to property insurance, the two most basic is the homeowner’s insurance and the renter’s insurance. While you may confuse these two, they both serve a different purpose. The homeowner’s insurance protects the physical structure of the homeowner’s property. On the other hand, renter’s insurance only protects the personal belongings of the renter. … Read more
The Original Medicare only covers hospital and medical insurance. To get prescription drug coverage, a standalone Part D or a Medicare Advantage Plan must be purchased. In either way, you’re going to need prescription drug coverage. While Part D only adds prescription drug coverage, Medicare Advantage Plans can include other services like dental, vision, and … Read more
All taxpayers have two options when it comes to deductions. Either take the standard deduction or itemize. If a taxpayer claims the standard deduction, itemizing no longer becomes an option. The standard deduction is a fixed deduction amount that is determined by the taxpayer’s filing status. This tax season, the standard deduction amount is $12,400 … Read more
Low-to-moderate-income workers can reduce their tax bill and increase tax refund by claiming the earned income tax credit. The EITC amount depends on the number of children you have and the income you earn. For 2020, the maximum EITC you can claim as a single filer is $538 if you have no qualifying children. If … Read more
The property tax rates vary by state. A higher property tax rate usually means a higher pay to the state but it doesn’t end there. The median house price also matters. Let’s take Hawaii as an example. The state property tax rate is the lowest in the United States but it has the highest median … Read more
Itemizing deductions can offer a higher deduction amount than the standard deduction. This is why we suggest calculating the total itemized deduction amount first, then deciding whether to itemize or take the standard deduction. As of now, the standard deduction is $12,400 for single filers, $24,800 for joint filers, and $18,650 for head of household. … Read more
The Internal Revenue Service allows taxpayers to request their tax return transcripts for at least the past three years. A transcript features basic information about the tax return and shows the Adjusted Gross Income. So if you ever wonder about your adjusted gross income in the past, requesting a transcript is a great way to … Read more
If you’re live in the states other than the ones that do not impose a state income tax, you are bound to file a tax return just like for your federal income taxes. While you can claim a standard deduction on your federal income tax return to reduce taxable income, it isn’t really the case … Read more
Property insurance is a very wide term for a series of types of insurances that cover a property. There isn’t single property insurance that will cover everything. Typically, you will have the option to get but not limited to the following types of property insurance. While property insurance isn’t exactly mandatory, it may be required … Read more