One might be lucky and win an award for a distinguished contribution to the community, science, or art. It is important to wonder if one needs to pay income tax. Sadly Yes!Prizes,...
Posted by McCool's Tax Service on 03/22/2021
According to the law, every employer needs to pay the federal government's employment tax for all employees they hire. The federal employment tax comprises Medicare tax, social...
Posted by McCool's Tax Service on 03/09/2021
Cost basis refers to the original value of an asset for taxes. Its value often determines its capital gains, which equal the asset’s cost basis and the current market value....
Posted by McCool's Tax Service on 03/01/2021
Whenever an asset is sold for profit, there is a net gain. As a result, selling a stock for $200 even if you bought it for $150 gives a capital gain of $50.The rules with selling a...
Posted by McCool's Tax Service on 02/23/2021
Following new retirement legislation and subsequent guidance from the Internal Revenue Service (IRS), retirees and beneficiaries now have three required minimum distribution (RMD)...
Posted by McCool's Tax Service on 02/17/2021
Even though many Americans do not like sending a vast proportion of their hard-earned money to Uncle Sam, many look forward to their tax refunds. Tax refunds can save you a lot of...
Posted by McCool's Tax Service on 02/12/2021
Marriage planning is an important event that many dream of, but one element is often overlooked during the preparation process: taxes. If you are planning that special event and haven't...
Posted by McCool's Tax Service on 01/31/2021
If you owe a US federal income tax, you can claim a foreign tax credit if you are paying income tax to another foreign country. The idea of this credit is to reduce the tendency of...
Posted by McCool's Tax Service on 01/27/2021
Parents and students who are actually completing the FAFSA, and learning about financial aid may criticize themselves for not having a better college payment plan. When it comes to...
Posted by McCool's Tax Service on 01/18/2021
