If you are an investor, you know that you may need to pay capital gains taxes when you sell an investment at a profit. At the same time, however, and especially in an unpredictable market, stock losses can loom large for your investment portfolio. When you sell an investment for less than you paid, you … Read more
As your children get older, some of the IRS rules about claiming them as dependents on your tax return change. It’s important to understand all the rules, especially since children are living with their parents longer than they did in previous generations. As is often the case when it comes to tax law, there are … Read more
It’s a quip you hear often when the lottery jackpot creeps upward: “Sure the jackpot is $40 million, but what do they leave you after taxes?” Honestly, on a jackpot this high, the answer is more than enough. But the exact amount depends on several factors, including your tax bracket. Before you start daydreaming about … Read more
If you’ve changed jobs within the last year, your previous employer could forget to send you a W2. Most employers and human resource departments try not to let previous employees slip through the cracks at tax time, but it’s a busy time of year and mistakes do happen. It’s important to know when you should … Read more
Hopefully, your parents will live long, healthy lives. If they do, you’ll likely see the pendulum swing as they age and find yourself caring for the people who once took care of you. When a nursing home isn’t an option, many people find themselves moving their parents in with them and taking care of them … Read more
The home office deduction is one of the most often misused tax deductions available, and it can get taxpayers in hot water with the IRS. It can be difficult to determine whether or not you can take the home office deduction at all, and taking it requires meticulous record-keeping. To ease this problem, the IRS … Read more
It’s common knowledge that self employed people must pay income tax like everyone else, but sometimes it can be tricky to know what exactly qualifies as self-employment. The taxpaying community also seems well aware of self employment tax, as well, but again the specifics get a little hazy. Today we’re going to clear the air … Read more
Higher education is becoming increasingly necessary in today’s world. At the same time, however, it’s becoming less and less likely that your education will pay for itself once you land a great job after graduation. To help offset exorbitant tuition rates and fees, the IRS offers several tax deductions to help with qualified education expenses. … Read more
Home mortgage interest is tax-deductible, but people often have misconceptions about who benefits from this deduction and how helpful it truly is. It’s important to remember that the tax rules recently changed due to the Tax Cuts and Jobs Act, as well. These changes altered the standard deduction, which in turn impacted the mortgage interest … Read more
Offering free trades with no minimum account balance, Robinhood has become a popular investment site for those who wish to dabble in stocks and cryptocurrency. Unfortunately, the IRS does not adhere to the same free fee structure as the platform. You may be able to execute trades for free on Robinhood, but the IRS will … Read more
