Deciphering the Tax Deductibility of Health Insurance

Health insurance not only safeguards your well-being but also can provide financial advantages during tax season. This article will help you understand the tax deductibility of health insurance premiums and other related medical expenses — a topic that often leaves many taxpayers in a muddle. The Concept of Tax Deductibility

A Comprehensive Guide to Minimizing Tax Liability for High-Income Earners

As a high-income earner, you are likely to be subjected to higher tax rates than average earners. However, effective financial planning can help you reduce your tax burden. This comprehensive guide outlines numerous strategies that can assist you in lowering your taxable income, taking advantage of new tax laws, and

Making an Early Withdrawal from 401(k): A Comprehensive Guide

Building up a nest egg for a secure future is a common goal for most individuals. One of the popular ways to save for retirement in the US is through a 401(k) plan. However, life often throws curveballs, leading to financial circumstances that may force you to tap into these

First Time Home Buyer Tax Credit

Everyone dreams of homeownership once in a lifetime. But the down payments and closing costs require thousands of dollars. To achieve this, people search for incentives, tax credits, or state grants to afford the place in a better way. Are you also looking for the first-time homebuyer tax credit? You

How does Refund Taxes work?

After filing your taxes for 2020, you must be consciously waiting for your refund. As a general rule of thumb, the Internal Revenue Service (IRS) refunds nine out of ten taxpayers within 21 days if you file electronically and 6 weeks if you file by mail. However, this year you

When Will the IRS Accept 2021 Tax Returns?

Generally, the tax season in the U.S is from January 1 to April 15 of each year. If the last date falls on weekends or holidays, it is moved to the next business day. At this time, individual taxpayers prepare their previous year’s financial statements and reports and submit them

Calculating Capital Gains Tax on Sales of Property

If you ever bought assets at low cost and now they are worth more than what you paid for, you might be preparing to sell those assets. It feels incredible to get a high price for your investments. After all, the right property can be a source of revenue that

What is the 1040 extension?

Every beginning of the year, until the month of April, we must comply with our tax liability of filing and paying our federal taxes. But many times, the deadline is getting closer and we still don’t have our taxes ready, this is when we ask ourselves: what can we do?

How much interest does the IRS charge?

When we don’t fill out our tax returns or don’t pay on time, the Internal Revenue Service penalizes us and we must pay a penalty for non-compliance. It also works as an incentive for all taxpayers to fill out and pay their taxes on time since if they do not,