Everyone talks about the importance of saving for retirement and investing your hard-earned money in a 401(k), but few take the time to explain how a 401(k) actually works and the ways to best benefit from it. However, FileSmart has you covered. This article covers how a 401(k) works and how to make the most […]
So, you’ve got a side gig – congratulations! Whether you’re freelancing, driving for a ride-sharing service, or selling handmade crafts online, good for you for taking charge of your financial future. While side gigs offer flexibility and extra income, it’s crucial to stay on top of your tax obligations. Don’t worry; we’ve got your back! […]
The Child Tax Credit (“CTC”) is a valuable resource for parents of children under the age of 17 who qualify. The credit is worth a maximum of $2,000 per child, $1,500 of which can be claimed as a refund. Keep reading to see if you qualify for the credit and how much you can claim. […]
Income taxes may be the last thing you want to think about. After all, no one likes seeing a huge portion of their paycheck automatically subtracted before the money even gets deposited in their bank account. However, knowing how income taxes work could save you a ton of money come tax time and throughout the […]
At the end of each tax year, most people enter their income and tax information into a tax service website and either celebrate getting a refund or curse having to pay even more in taxes. Wouldn’t it be nice to know how much you’ll actually owe in taxes and avoid the year-end game of tax […]
College can be extremely expensive. However, while you’re spending thousands each year for your degree, you can take some solace in knowing that there are tax credits to help offset those costs! Higher education tax credits like the American Opportunity Tax Credit and Lifetime Learning Credit allow you to deduct eligible expenses to help lower […]
Getting a large chunk of money back after filing your taxes is always exciting! But after the euphoria of a big payday wears off, the next question becomes: how do I spend this money? We’ve done the thinking for you. Here are 5 smart things to do with your tax refund: Keep reading to learn […]
While owing taxes at the end of the year may come as a shock, it doesn’t need to be stressful! If you end up owing more in taxes than you can afford to pay, you typically have three options to either delay payment or reduce what you owe: First, pay as much as you possibly […]
Filing a tax extension gives you extra time to file your income taxes if you aren’t able to meet the April 18th, 2023 tax-filing deadline. You can get an automatic 6-month extension by filing IRS Form 4868 by the filing deadline. How Do I File a Tax Extension? You can file a tax extension by […]
While many people are aware of the dreaded “tax day,” there are other critical tax dates to be mindful of throughout the year. Simply knowing when estimated payments are due or when you need to file your taxes if you applied for an extension can save you tons of money by helping you avoid late […]
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