While the end of the year is a time to relax and make precious memories with loved ones, it’s also when you finally have a few days off from work. And with that time away from the workplace, you may want to clean out your house and figure out what you can donate to charity to start the new year […]
Now that the holidays are rapidly approaching, many of us are brainstorming what gifts to give our loved ones. Instead of doling out the typical gift cards or buying them a present they might never use, maybe you’re thinking of giving them money or property instead. When it comes to unconventional holiday gifting like this, many of us start to […]
After many sleepless nights, months of planning, and years of hard work, you’re finally ready … it’s time to take the leap and start your small business! Now, we know tax payments are probably the last thing you want to think about right now but trust us — filing small business taxes for the first time doesn’t have to be […]
If you are one of the millions of American taxpayers receiving advance Child Tax Credit payments from the IRS this year, you may be wondering how this could affect your 2021 tax return. We know changes to your taxes can be confusing and difficult to navigate at the best of times, and the coronavirus pandemic has only added more uncertainty. […]
Living paycheck to paycheck is stressful. You may struggle to pay the bills, be in debt, and not have any savings you can rely on in case of an emergency. Unfortunately, there are many people who are in your same position. One poll showed that 56% of Americans are living paycheck to paycheck, and 48% have recently experienced financial setbacks. […]
The families of roughly 60 million children received their first installment of the enhanced Child Tax Credit payments on July 15. We’re here to bust some of the common misconceptions surrounding the payments. 1. You can keep these payments. Many families have expressed concern over keeping the money fearing they’ll have to pay it back when they file their return […]
When you file your taxes, you may discover that you owe money to the government. If it’s a large sum of money, you might find you are unable to pay it right away. If you find yourself in this situation, it is strongly advised that you sign up for an IRS payment plan to avoid getting hit with an IRS […]
The IRS issued the first round of monthly payments for the Child Tax Credit last week on July 15. Families who are eligible for the credit based on their most recently filed tax return received the payments via direct deposit or paper check. Monthly payouts will continue throughout the rest of the year with families receiving any remaining portion of […]
File a tax return extension for the first time this year? Here are a few things to consider before the Oct. 15 extension deadline. 1. E-file for a faster refund. If you believe you’ll receive a refund after filing, the quickest way to get your money is to e-file your return using a trusted tax software. Completing your return by […]
With the introduction of the American Rescue Plan back in March, the Child Tax Credit underwent a couple temporary changes for tax year 2021. One of the main adjustments included allowing families to receive part of the Child Tax Credit as monthly payments rather than waiting to get all of the money as a refund when they file their tax […]
Like anyone, you want to feel secure when it comes to your finances. This could mean having a reliable stream of income, saving up a certain amount of money for retirement, not being in debt, and being able to make investments. Unfortunately, many people are not in a good financial position and struggle to just pay for basic expenses. For […]
Talking about money with anyone can be awkward, but what about talking with your family? Those conversations hit much closer to home, making it even more difficult to talk with your loved ones about your financial situation. Why does it matter? Couldn’t you just avoid talking about your taxes with your family? Well, you could. On the other hand, having […]
You paid taxes throughout your entire working life, whether you were worked a full-time job with a company or you were self-employed. Now that you’re retired, the kinds of taxes you’ll be paying are going to change. If you’re getting ready to retire, here are the taxes you may have to pay. Income Taxes When you retire, the good news […]
Every year, you learn something new when you file your taxes. Hopefully, every time you figure out how to do it more efficiently. Maybe you discover a new way to file that takes less time. Perhaps you maximize your tax refund or determine ways in which you will owe less the next time around. Whether you’ve filed your income taxes […]
Generally, people don’t like paying taxes. When their paycheck comes, they see that a large amount of money is taken out and they wonder where it’s all going. And then during tax time, they might get frustrated because they come to find out they owe the government even more money. However, as annoying as paying taxes can be, it also […]
Investing can be an excellent way to build your wealth without having to do much work. Perhaps that’s why so many Americans do it. According to the Pew Research Center, 52% of American families are in some way invested in the stock market – mostly through 401(k)s and retirement accounts – and 14% directly invested in individual stocks. Saving money […]
The average federal tax refund is $2,707. No matter what amount of money you typically receive back from the IRS, TaxAct may be able to increase your refund by over $200 for next year. How? Through My Tax Plan. It’s simple to get started, and you may even be able to access this service for free depending on your filing […]
Nobody wants to send the IRS a huge check at the end of the year. Instead, they want as high of a tax refund as possible so they can put some money into their savings, pay off debt, or go on a well-deserved vacation. If taxpayers want to ensure they have a better chance of receiving a refund rather than […]
Last year, you probably started hearing about cryptocurrency all over the news. Digital currencies like Bitcoin, Litecoin, Dogecoin, and Ethereum have been gaining steam and legitimacy, as companies are now accepting and even investing in them. It was a big deal when Tesla bought $1.5 billion in Bitcoin in and Elon Musk announced that his company would start accepting it. […]
The American Rescue Plan had more benefits for taxpayers than just the 3rd stimulus payment. The plan that was signed on March 11, 2021 includes an update to the Child Tax Credit. We are here to break down everything you need to know about this credit, the updates that were made, and if they apply to you. What is the […]