President Biden proposed increasing the capital gains tax and while that makes great headlines, it probably isn’t as big of deal as it sounds like. First off, the higher tax would only apply to those with income above $1 million. That takes out most taxpayers right there. Avoiding Capital Gains Taxes Also, capital gains is …
The IRS is moving the tax-filing deadline to May 17 from April 15. Update: Colorado tax deadline date has officially been moved to May 17. Turns out the new Biden Covid Relief package has pushed the IRS over the edge to moving the tax due date for 2021. Tax day 2021 will now be May …
As January 2021 comes to a close Americans everywhere will be receiving W-2 Forms, 1099 forms, and others depending upon their specific financial situation and income scenarios for 2020. So, let’s do a quick overview of tax law in 2020 and how that will affect filing 2020 taxes in 2021. Tax Basics Form 1040 Let’s …
When you file your 2020 taxes in 2021, you may get a tax credit for each child. The Child Tax Credit for 2020 is $2,000 for each qualifying child. However, the Child Tax Credit phases out for higher incomes. You can claim the Child Tax Credit in addition to the Standard Deduction, even if you …
Has it really been five years since Credit Karma started Credit Karma Tax? Credit Karma tax is a free-ish way to file your taxes for free. While Credit Karma tax started out with some bumps it is now old enough to have chased out a lot of the bugs. And, it is time to update …
Credit Karma Tax Review Free Scam or Good Filing? Read More »
What is the standard deduction amount for 2020? The IRS updated the number and it’s a little bit higher this year. When filing income taxes, taxpayers can choose to either itemize tax deductions, or take the standard tax deduction amount. The IRS adjusts how much the standard deduction is each year based upon inflation. The …
Now that the April 15th deadline is behind us, the best personal finance advice you can take is to start planning for your 2020 Income Taxes now. That way, you will be ready to take advantage of all the 2020 tax tricks, tips and deductions you can. Sure, last minute tax advice and finding those …
New 2020 Tax Numbers Released By IRS For Filing 2020 Income Taxes in 2021 Read More »
Patreon is a website that allows people to contribute funds to support the work of artists and creators. When you get money, do you have to pay taxes on Patreon? If so, what are the Patreon taxes for creators? Is Patreon tax deductible? Let’s start from the beginning. Is Patreon taxable? What Is Patreon Income? …
There is an unfortunate amount of confusion surrounding the concept of the Federal Tax Identification Number. It is ironic, because the whole Tax ID, FEIN, and EIN thing is actually very simple, mostly because they are generally all the same thing. However, it isn’t surprising that this concept confused many personal finance students because when …
Higher gas prices have one silver lining: a higher IRS mileage deduction standard rate. Every year, the IRS updates the standard amount one can deduct for each mile driven for business or miles driven for charitable purposes. The amount of the IRS standard mileage rates deduction is based upon various different factors, but the price …