Form 8949 is a tax form individuals use to report the sale or exchange of capital assets, such as stocks, bonds, mutual funds, and real estate. The form calculates and reports any...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 03/14/2023
As a freelancer or self-employed individual, taking advantage of every tax deduction available to you is important. Deductions help lower your taxable income and save you money on...
Posted by Taxes Made EZ Inc on 03/14/2023
The Federal Insurance Contributions Act (FICA) tax is a federal payroll tax imposed on employees and employers to fund Social Security and Medicare programs. FICA tax is a critical...
Posted by Pat Raskob on 03/14/2023
The US tax system uses citizenship to calculate taxes instead of where they work or live. Tax duty falls on every US citizen regardless of where they are born, where they live, or...
Posted by Taxes Made EZ Inc on 03/08/2023
A tax credit for premium costs can lower your health insurance expenses monthly. However, it's only obtainable for those who buy insurance via a state or federal health insurance...
Posted by Dennis Jao on 03/08/2023
Taxpayers that owe taxes and find it difficult to pay their taxes can enjoy a break from the IRS financial hardship program. You can apply for the program if you can’t feed yourself...
Posted by Pat Raskob on 03/01/2023
When it is time for mortgage interest credit calculation, the IRS expects you to file it using Form 8396 plus the carryover. What Is Form 8396: Mortgage Interest Credit?Mortgage...
Posted by Tiffany Gaskin on 03/01/2023
Education tax credits and deductions can provide significant tax savings for individuals paying for higher education expenses. For the 2022 tax year, there are two main education tax...
Posted by KLSM CPA Firm PLLC on 02/28/2023
A net operating loss (NOL) occurs when a business has deductible expenses that exceed its taxable income for a given tax year. In other words, it is a tax loss that a business can...
Posted by Pat Raskob on 02/22/2023
