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
Taxpayers can claim a deduction for operating a vehicle for a charitable organization. Though the standard rate is a lot lower compared to business, medical, and moving purposes, it’s better than nothing. As of , taxpayers that qualify can claim a deduction for up to 14 cents per mile driven. Though it’s not directly related … Read more
Form 2290, Heavy Highway Vehicle Use Tax Return, is the tax form used for calculating and paying taxes related to HVUT. On US highways, any vehicle that’s under 55,000 pounds are exempt from highway vehicle use tax. The vehicles above this weight threshold are subject to paying the HVUT annually. It’s mandatory, like insurance and … 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
Specific tax rules are identified with particular codes. That’s why the tax rules are defined as tax codes. One of the most commonly looked-up tax codes of the Internal Revenue Service is Section 7702. IRS Section 7702 defines what the government thinks of a valid life insurance policy and how taxes affect the proceeds. Section … 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
When you hold a stock and sell it for a profit or at a loss, that’s your capital gain or loss. But what about the unrealized gains and losses that are heard commonly? This article will help you understand what’s unrealized and realized. What are realized gains and losses? The act of selling stock makes … 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