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Understanding Tax Terms: Unearned Income – Not all income is the same in the eyes of the tax code
Understanding Tax Terms: Unearned Income – Not all income is the same in the eyes of the tax code What’s in a name? If it is defining different types of income, it can mean more income tax obligations. Here are some things to know Understanding Tax Terms: Unearned Income The tax code uses jargon that can be confusing for the unwary. One of them that impacts most of us is the term “unearned” income. Unearned income is often defined as anything that is not “earned” income. If you find this kind of definition a little too vague, here is some
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The 1099 Economy – Get your tax moves down now!
The 1099 Economy – Get your tax moves down now! If you have a number of part-time jobs through the use of internet tools like Uber you will need to make sure you understand your tax obligations. Waiting until the year is over will be too late. With the move towards the Gig economy many more taxpayers are working for others on a part-time basis. So whether you are picking up a few dollars driving for Uber or are delivering meals for a local restaurant here is what you need to know. Employee or contractor? Determine if your employer is
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Thinking of Selling Your Home? – Understanding the Home Gain Exclusion
Thinking of Selling Your Home? – Understanding the Home Gain Exclusion Often a tax surprise occurs when selling your home. The possibility of capital gains tax should be understood before selling your residence. Here is a summary of the rules. One of the largest tax breaks available to most individuals is the ability to exclude up to $250,000 ($500,000 married) in capital gains on the sale of your personal residence. Making the assumption that this gain exclusion will always keep you safe from tax can be a big mistake. Here is what you need to know. The rule’s basics As
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Understanding Tax Terms: All those 1099’s – Be prepared to file your tax return
Understanding Tax Terms: All those 1099’s – Be prepared to file your tax return So many 1099’s. How do you keep them all straight? Here is a quick review of the most common 1099’s to help you prepare to file your tax return Most taxpayers receive at least one 1099 each year. Virtually every small business, including sole-proprietors, must issue at least one 1099 each year. Here is a summary of the most common of these informational tax forms that you will need to file your tax return this year. The Form 1099 The Form 1099 is an informational tax
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Understanding Tax Terms: All those 1099’s – Be prepared to file your tax return
Understanding Tax Terms: All those 1099’s – Be prepared to file your tax return So many 1099’s. How do you keep them all straight? Here is a quick review of the most common 1099’s to help you prepare to file your tax return. Most taxpayers receive at least one 1099 each year. Virtually every small business, including sole-proprietors, must issue at least one 1099 each year. Here is a summary of the most common of these informational tax forms that you will need to file your tax return this year. The Form 1099 The Form 1099 is an informational tax
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Planning 2016 Taxes: New Income Levels for Tax Brackets
Planning 2016 Taxes: New Income Levels for Tax Brackets Here is a quick look at 2016 tax rates and their associated income levels. Using your past tax information, you can plan for your tax obligation next year starting now. Don’t forget that tax payers in the higher income levels are also subject to an additional .9% Medicare Tax introduced to help pay for the Affordable Care Act. This will impact those with incomes over: $200,000 Single filing $250,000 Married filing joint 2016 TAX RATES & RELATED INCOME LEVELS Action Steps Review your Adjusted Gross Income and use the chart above
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Reducing the Savings Account Tax Burden
Reducing the Savings Account Tax Burden Building a traditional savings account is a tax burdened activity. First you must pay income taxes to the Federal and State government. Each year your interest earned is then taxed at the same rate as your wages. Is there anything you can do to reduce this dual tax burden?
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Non-taxable Income for Those in the Armed Services
Non-taxable Income for Those in the Armed Services There are special tax benefits to members of the U.S. Armed Forces. If you or someone you know is in the military, prior to filing a tax return it makes sense to review your situation. Outlined here are some of the more common items that may be excluded from your taxable income.
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Seven Little Money Savings Ideas
Seven Little Money Savings Ideas Money savings ideas are around us every day. Here are seven that can quickly be put to use to save more of what you earn.
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In the Military? Special Tax Benefits May Apply
Military? Special Tax Benefits May Apply Military personnel and those that support them have a number of special provisions built into the tax code just for them. If they apply to you, there may be some tax savings in your future.
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