Choosing the best student loan repayment plan can be daunting for many graduates. With multiple options available, it’s crucial to understand the pros and cons of each plan to make the most informed decision. This comprehensive guide will help you select the ideal repayment plan based on your financial situation, career goals, and personal preferences. … Read more
Publication 550, Investment Income and Expenses, is the IRS’s guide to tax filing requirements for investment income and expenses. It explains how to report these items on your tax return, when to show them, and what deductions are available for them. It also outlines the rules surrounding property trades, abusive tax shelters, and other aspects … Read more
The Work Opportunity Tax Credit (WOTC) is a federal income tax credit available to private and for-profit employers. It reduces a business’s federal tax liability by crediting the employer with qualified wages paid to eligible employees over their first year. A tax-exempt, non-profit 501(c) organization that has received certification from participating in the program will … Read more
IRS Publication 969 is a publication that provides general information on the many tax-favored health plans available to Americans. It covers Health Savings Accounts (HSAs), Health Reimbursement Arrangements (HRAs), Flexible Spending Arrangements (FSAs), Archer Medical Savings Accounts (MSAs), and Medicare Advantage Savings Accounts. It also contains information on Qualified Medical Expenses (QMEs), the most cost-effective … Read more
The IRS has created Form 1040-SR, a tax form specifically for seniors who are 65 and older. It’s an attempt to simplify the tax-filing process, especially for those still working and with a lot of income to report. This new form replaces the original Form 1040 and Form 1040-EZ, which had limitations on what could … Read more
Section 179 is an IRS tax code that allows you to write off the entire cost of qualifying equipment you buy during the year. It’s a great way to save on your tax bill when it comes to purchasing new business-related assets, like office equipment, vehicles, and software. The maximum deduction under Section 179 was … Read more
The Affordable Care Act (ACA) (Obamacare) is a comprehensive health reform law that helps millions of people get the care they need. It includes premium tax credits, cost-sharing subsidies for low-income Americans, and Medicaid expansions in many states that are helping to cover low-income adults and children. The ACA also requires employers to offer their … Read more
Whether you’re filing your taxes yourself or using a tax preparer, you may need to get a copy of your W-2. The IRS uses these forms to determine how much tax is due on your income. Turbotax w2 finder is a free tool that allows you to download a free copy of your employer’s W2 … Read more
Typically, you can receive your refund within a few weeks of filing your return if you file electronically and choose direct deposit. But if you file a paper return, it may take longer to process. This is especially true if you’re filing with a refundable credit, such as the Earned Income Credit or Child Tax … Read more
If you work at a company that pays out nonperiodic payments or eligible rollover distributions from an employer retirement plan, annuity, or individual retirement arrangement (IRA), your company needs to withhold federal income tax from your paycheck based on the information on your Form W-4R. This is to ensure that you don’t owe taxes or … Read more