Basic Tax Terminology
Basic Tax Terminology You Should Know Tax forms are complicated and hard to understand. The unfamiliar terms they use can make it even more complicated. In this article, we will go over basic tax terminology that you should know. These terms will help you better understand your tax return and how you can reduce your tax liability. Filing Status Your filing status is the category that defines what type of tax [...]
1099s: What You Need to Know
1099s: The Basics 1099s are forms that show how much income you have earned over the year. These forms document income received from sources other than an employer. There are numerous different kinds of 1099s, all for types of alternative income. In this article, we will go over the most common 1099s and why you may receive one. 1099-C: Cancellation of Debt If you have any debts over $600 canceled you may receive a [...]
Tax Planning and Retirement
Preparing for Retirement There is so much you must prepare for as you near retirement. You need to make sure you have enough saved in various retirement accounts, figure out the best time for you to file for social security, decide where you want to live, learn about Medicare and your different health insurance options. With all this other planning going on many overlook a very pivotal part of their retirement planning: tax planning. [...]
Changes to Healthcare and Tax Laws
Affordable Care Act In 2010 the Patient Protection and Affordable Care Act (PPACA) was brought into effect. It has since then dramatically changed the health-insurance field. It has also caused dramatic changes to taxes. Read more to find out what some of these changes are and how they affect you. Minimum Essential Coverage Starting in 2014 almost everyone in the United States became required to maintain health insurance coverage. This coverage must be equal to [...]
Tax Schedules: A Beginners Guide
Tax Schedules You Need to Know About Most people know tax schedules as the forms named by different letters. What exactly are tax schedules? They are additional forms that the IRS requires you to submit. Tax schedules are usually required when you have certain types of income or deductions that must be accounted for or calculated. In this article, we will go over the 5 most common tax schedules and the different purposes [...]
Someone Filed My Tax Return! What do I do?
Scammer Filed my Tax Return Are you thinking "Someone Filed My Tax Return?" you might be right. An obvious indicator is you attempted to e-file your tax return and the IRS rejected it. Was the rejection reason that a return with your Tax Identification Number was already accepted? Another might be, the IRS is demanding you repay the refund you received from a return that you never filed. As a result, that after waiting for your refund instead [...]