Receiving a tax refund is a common occurrence for many taxpayers. However, some taxpayers may be surprised to find that their tax return shows a balance of $0. This can be a frustrating and confusing situation, especially if you were expecting a refund. This article will explore the various reasons why you may be getting … Read more
The Paycheck Protection Program (PPP) has been a lifeline for many small businesses during the COVID-19 pandemic. The program provides loans to businesses that can be forgiven if certain criteria are met. One of the most common questions about the PPP is whether or not businesses can receive a second draw. Can I Get a … Read more
Self-employment offers individuals the flexibility and autonomy to pursue their entrepreneurial endeavors. However, it also comes with unique tax obligations, including self-employment tax. This comprehensive guide delves into the intricacies of self-employment tax, clarifying its relationship with income tax and providing essential information for self-employed individuals to navigate their tax responsibilities effectively. Defining Self-Employment Tax … Read more
Taxpayers eagerly awaiting the processing of their paper tax returns can refer to the Internal Revenue Service (IRS) website for the latest updates on the agency’s progress. This comprehensive guide will provide an overview of the current processing status for various tax forms, including individual and business returns, as well as other forms and correspondence. … Read more
In Australia, the allure of homeownership remains strong, but the ever-rising property prices can make it challenging for many to enter the market. As a result, individuals are exploring alternative avenues to accumulate funds for a house deposit, and one such option is superannuation. This guide will delve into the intricacies of using superannuation for … Read more
Navigating the complexities of the Canadian tax system can be a daunting task, especially when trying to estimate the amount of tax you owe. This guide will provide a detailed analysis of the taxes applicable to an individual earning $95,000 annually in Canada, empowering you with the knowledge to accurately calculate your tax liability. Tax … Read more
Navigating the complexities of tax regulations can be daunting, especially when it comes to claiming dependents. One common question that arises is why individuals can no longer claim their 17-year-old children as dependents on their tax returns. This article delves into the specific requirements set forth by the Internal Revenue Service (IRS) that determine eligibility … Read more
Tax season can be a stressful time for many individuals, especially those who find themselves owing money to the Internal Revenue Service (IRS). While it is generally preferable to receive a tax refund, there are certain circumstances where owing taxes may be a more strategic financial move. This comprehensive guide will delve into the reasons … Read more
With the 2021 tax filing season approaching, many individuals may wonder if they should wait until the last minute to file their taxes. While filing early has its advantages, there are also potential benefits to waiting. This article will explore the pros and cons of waiting to file taxes in 2021, providing insights to help … Read more
Failing to file taxes or pay your tax bill on time can have serious consequences, including penalties, interest charges, and even legal action. If you find yourself owing the IRS for two consecutive years, it’s crucial to take immediate action to address the situation and minimize the potential impact on your finances and well-being. Consequences … Read more