Are you part of the generation that is feeling the financial squeeze? I am talking about those of you who both took in elderly parents to take care of them, as well as still have children living at home. It can be tough to make ends meet and to meet everyone’s needs when there are […]
How is Investment Income Taxed?
Posted byThe income that investments pay investors is a great thing. Dividends are essentially free money to investors as we get “paid†for investing in certain stocks. Capital gains are a nice bonus at the end of the quarter or year that allows us to enjoy the benefits of a rising stock market or smart moves […]
Almost everyone files taxes, and there’s no way around it. It probably has become second nature by now since you do it every year. But unfortunately, it is also a risky time for your identity. Between receipts, W-2, 1099s, and other tax documents being sent to your home in addition to filing the taxes themselves, […]
Income on Your W2 Form
Posted byW-2 Forms provide employees with wage and salary information to file your taxes. You’ll need your 2013 W-2 form before your can efile. What is a W-2 Form? A W-2 Form is a tax form your employer is required to provide to you to file your taxes. A W-2 Form reports your income from that […]
What is a Form 1099?
Posted by2013 Form 1099s are in the mail. You should receive your form 1099s shortly. Here’s what to expect. What is a 1099 Form? A 1099 is a form that is used to report taxable income you earn aside from your regular salary or wages. A few examples of income types that a 1099 may report […]
What is a 1040 Form?
Posted byWhat is a 1040 Form? A 1040 form is the basic tax form which individuals use to file their tax returns. The 1040 form summarizes information about an individual’s income and deductions and calculates whether the individual owes the government money or receives a tax refund. Tax forms 1040 must be filed by the tax […]
If you and any of your dependents have had a significant amount of medical expenses over this past tax year, you may be eligible to claim a medical tax deduction. Medical Expense Threshold The Medical Expense deduction is not meant to cover typical taxpayer expenditures from visiting a doctor a few times a year, filling […]
IRS Form W9
Posted byIRS Form W9 is similar to the Form W-4 that is used for employees, but does not lead to withholding. What is a W9 Form? Form W-9 is used to request a tax identification number and other information that can later be used to populate tax forms such as 1099s. When do you Use a […]
People may think that the mileage tax deduction is only for employer expenses, such as traveling for your own business or using your personal car to travel for an employer. Both of these scenarios make you potentially eligible to claim the mileage tax deduction on your taxes. However, there are several other scenarios where you […]
0% Capital Gains Tax Rate Really Exists
Posted byWhen I said that the current capital gains tax rate is 0% for some taxpayers, a reader, Colin, was shocked. He states: I had no idea long term capital gains are presently 0%. Are you sure? Yes, Colin, I’m sure! Let’s take a closer look at capital gains and the capital gains tax rates. Capital […]