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 […]
Are you one of those people who wait until the last minute to file your taxes? Ever wonder if you are in good company? Keep reading to find out if you live in one of the states with the most tax procrastinators! In this post, you’ll learn which states have the most people that tend […]
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 […]
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 […]
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 […]
Common Kinds of Tax Credits for People with Kids Tax Credits can be an extremely effective way to help you save money and lower your overall tax burden. The government recognizes that raising kids in today’s financial climate can be a huge struggle. Therefore, there are several tax credits to give parents a break come […]
How Do I File a Tax Extension? As the April 18th tax deadline quickly approaches, taxpayers begin to realize that they are running out of time to file their taxes. Instead of rushing to gather tax documents and risking making errors on your tax return, you may consider opting to file a tax extension. You can […]
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