The child tax credit is the most popular tax credit for all taxpayers. If you have qualifying children under the age of 17 (for this tax year), you get to claim the child tax credit to reduce your tax liability. The child tax credit has been one of the most prominent tax credits over the … Read more
An Exchange Traded Fund is a type of security that tracks a commodity, index, sector, or other assets. The ETFs are traded just like stocks where you can buy and sell them on exchanges. While ETFs are a great way to invest, there are different types of them that you should keep in mind. Bond … Read more
The Internal Revenue Service helps taxpayers with filing certain tax forms for free. The Free File Fillable Forms has a large number of tax forms that can be filed electronically. If you need a tax form that needs filing with the IRS, Free File Fillable Forms is worth trying. When you land on the IRS … Read more
An accounting method is a method used for reporting income and expenses on a federal income tax return. There are two main types of accounting methods and a taxpayer must use the same accounting method every tax season. If a taxpayer wishes to change the accounting method, they must seek permission from the Internal Revenue … Read more
Form W-2 is the Wage and Tax Statement every employer needs to file for each employee. When filing the form, Box 14 is a section that employers need to report certain information. If you’re reporting income or payment other than what’s reported on the boxes, you’ll need to enter it on Box 14 using the … Read more
Form 12277 is a simple tax form that removes lien on a federal tax lien. After paying off your debt fully and being up to your tax payments for the current tax year, file the 12277 to remove the lien. If this is your first time filing Form 12277 (in that case, we hope you … Read more
The three major credit bureaus; Experian, Equifax, and TransUnion are required to furnish everyone that has a credit history with a free credit report annually. This is a way for everyone to see their credit activity. However, a credit report is different than your credit score. You won’t find your credit score on your free … Read more
Accounting software for small businesses is a must if you’re planning to handle everything from creating invoices to calculating monthly payments. While there is plenty of accounting software you can utilize in your small business, not all of them are going to offer you everything you need. Although you may not need much, having something … Read more
If you’re looking to manage multiple user accounts in QuickBooks Enterprise Solutions (QBES), you’ll need to know how to set up user permissions. By creating unique roles for each user, you’ll be able to assign different access rights for each person. Create unique roles for each of your users If you are the administrator of … Read more
Form 5498, IRA Contribution Information is a useful tax form that’s issued by plan providers. The 5498 provides plenty of information about one’s IRA but it isn’t really used for tax purposes mainlyForm 5498 is basically an information return, but you aren’t required to attach it to your federal income tax return. Because IRA contributions … Read more