Tax credits and deductions – they’re terms you’ve probably heard thrown around a lot, especially around tax season. If you’re like us, there was a time when they just blended into the background noise of financial jargon. But here’s the thing: when we took the time to actually understand them, it was like turning on […]

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! […]

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 […]

The legalization of online sports betting has brought the thrill and excitement of putting money on sports teams to the living rooms of many Americans. And after the thrill of watching your favorite team win big AND making money on it wears off, you may start to wonder if those winnings are taxable.  Do I […]

Did you know that if you are self-employed or have a side gig, you have the ability to save thousands of dollars on your taxes each year? That’s right – being self-employed gives you the ability to claim several deductions that are not available to traditional employees. Keep reading to learn about how you can […]

2022 is coming to an end, and for many people, there’s still a lot to do before the end of the year. One thing on your to-do list might be meeting your retirement contribution goals. So, before you get caught up in the frenzy of the festivities, let’s look at some ways you can accomplish […]

Raising kids in this day and age can be very expensive. From daycare expenses to simply buying food, the costs really add up! Luckily, the government recognizes this and offers several tax breaks (in the form of tax credits) for parents. Some of the tax credits include: Depending on your financial situation and your child’s […]

As the Holiday season ramps up and January quickly approaches, one of the last things you want to think about is your taxes. However, reviewing your annual taxes before year end is essential, so you still have time to make favorable changes. Here are 6 steps you should consider taking before the end of the […]

Avoiding Taxes on Investment Income Capital Gains are a great way to generate passive income, but they can also contribute significantly to your tax burden at the end of the year. You can use several techniques to help avoid paying taxes on investment income. These techniques include: Using a tax-advantaged account Tax-loss harvesting Donating to charity […]