Introduction Understanding tax withholdings can seem like an onerous task, but it’s an essential part of managing your finances. This guide will help you understand what tax withholding is, why it’s important to check your withholding, when to do so, and how to calculate and adjust your withholding. What is Tax Withholding? Tax withholding is […]
If you opted to file an extension this year, you’re in good company. Taking a tax extension can be a wise move, giving us the extra breathing room we sometimes need. They can also provide clarity, ensuring that no stone is left unturned in your filing. And now, as that extended deadline creeps closer, let’s […]
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 […]
According to the Internal Revenue Service (IRS), the average tax refund in 2022 was $3,039. The IRS has issued over $292.542 billion in refunds so far in 2022. While receiving a big chunk of money at the end of each year may seem like a good thing, consider what you could’ve done with that extra […]
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 […]
Taxes – a seemingly innocuous word, yet capable of producing a myriad of reactions. Whether you’ve been filing taxes for ages now, or it’s your first or second rodeo, you should know that it pays to stay ahead of deadlines and due dates where taxes are concerned. Keeping ahead of those deadlines can feel like […]
Hey and welcome! The beauty of education lies not just in the knowledge it imparts, but also in the doors it opens for us. However, with these opportunities often comes the challenge of accumulating debt. And whether you’re planning ahead for your child’s future, seeking grants and scholarships to alleviate the financial strain, or dealing […]
Stepping into the self-employed world? It’s an exciting adventure that brings both freedom and responsibility. It’s more than crucial to ensure your financial tracking is on point. Walk through this extensive guide that will arm you with the tools to keep your income and expenses crystal clear. And yes, FileSmart is right here to make […]
If the Form 1040 were a movie, it would be the summer blockbuster. High stakes, some confusing plots, and – wait for it – supporting characters! Now, you’ve met the protagonist: the legendary Form 1040. But like any good flick, there are sidekicks, backstories, and subplots. Enter the attachments and schedules. Ready for the behind-the-scenes […]
Tax season. Two words that can instantly conjure up feelings of anxiety, confusion, and a sudden urge to procrastinate. I mean, we’ve all been there. Remember the first time you had to confront the legendary Form 1040? It felt like the final chance in a video game you were nowhere near ready to beat. But […]
First of all, cheers to you for stepping into the self-employment world! It’s a great journey filled with freedom, creativity, and… taxes? Yep, you heard that right. And speaking of taxes, have you met our dear friend, Schedule C? If not, let me introduce you. Schedule C is your new companion as a self-employed individual […]
Hello there, intrepid entrepreneurs, bootstrapping businesses, and fearless captains of commerce! Gather ’round as we dive headfirst into the thrilling, slightly terrifying, and occasionally confusing world of common business expenses. Running a business can sometimes feel like owning an elephant. It’s impressive and can do some amazing things, but boy, can it chew through your […]
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