For most 401(k) plans, the 401(k) tax only applies to withdrawals. Most 401(k) plans are tax-deferred, meaning no income tax on contributions or earnings, interest, or dividends that...
There has been a lot of talk about tax penalties under the Affordable Care Act (ACA) in recent years. You may have heard of this tax penalty known as "individual mandate."Simply...
According to the IRS, tax rates will depend on the taxpayer's source of income. Your income from the sale of stocks, for example, will generally be taxed at a lower rate than your...
Due to the insurgence of the COVID, many people have found themselves in situations that are beyond their control which results in them seeking financial assistance. There are different...
Giving out a on rent room is another way to earn extra money. Many people now rent out an apartment or a room either for an office or for other functions. If you want to rent out...
The process of growing your financial asset is known as investment. This can happen in various ways, like investing in an asset that will give a cash flow, rising prices, or both....
Most taxpayers will likely agree that the US tax code is complicated and difficult to understand. It is, therefore, evident that some common tax myths have arisen over the years. And...
Your taxes this year may be dominated by a clear question: "At any point in 2020, did you sell, receive, send, trade, or earned financial interest in any virtual currency?"In...
Uncle Sam gives taxpayers the allowance to reduce their tax bill with a credit for adoption expenses that qualifies provided one meets some qualification requirements. Form 8839...