The kiddie tax is designed to prevent parents from shifting assets to their children’s names to avoid paying taxes at their own tax rates. But how does the kiddie tax work, and are there ways you can avoid paying it? Here are some tax strategies that may help.
Did you get a deposit from TPG Products or Civista Bank? Do neither of those names sound familiar? Fortunately you have not been scammed, they are related to your tax refund and we'll explain how.
If you received a state stimulus check last year, you may be wondering if you owe taxes on it. We explain the IRS guidance on whether you owe income taxes your those state stimulus checks.
If you’re a real estate investor or plan to be, you need to be familiar with a 1031 exchange, which is a strategy that enables you to sell one property in exchange for another without incurring taxes in the process. In this article, I explain how the 1031 exchange works and cover the various types, as well as the risks and benefits.
If you cannot get your tax return together before the federal tax deadline, you can file a tax extension request to avoid late filing penalties. Perhaps you're navigating a precarious life event, living overseas, or waiting for those final year-end tax documents. It's a relatively simple process, which we outline here in this article.
When you sell your home, you can exclude $250,000 to $500,000 of the capital gains. Learn how I keep accurate records of improvements for home gain tax exclusion purposes.
If you earn over $200,000 per year, you may be subject to the net investment income tax (NIIT), an additional tax levied on the investment income of taxpayers considered to be high income. This article will explain how the NIIT works, and give you some tips on how to reduce the potential expense.
It’s common knowledge that you can be audited if you lie on your tax return, but what happens when you don’t pay your taxes? Will the IRS realize one missing tax return of the 195 million returns filed each year? While it’s possible to sneak below the radar, there can be stiff financial and legal penalties.
The annual bonus has to be one of the best workplace benefits. After all, you can do plenty of things with a few extra dollars in your pocket that you don’t have to work extra hours for. This guide covers how bonuses are taxed and how you might be able to minimize your tax bite.
A few years ago, my friend won the Masters Tournament ticket lottery. Given how much demand there is for one…
No one wants to pay more taxes than what the government requires. Handing over more money to the IRS or your state's tax department makes it harder to achieve your financial goals. Here are some ways to maximize your tax credits and deductions to get a bigger refund.
Did you hear, perhaps on TikTok or elsewhere, about a “new” tax on money you receive through apps like Venmo,…
