When you receive assets from your parents that come from their estate, this is considered a taxable event. It may seem like there are no taxes due on the purchases you receive if your parents were exempt from income tax, but this is not the case. If your parents' estate is valued over the exclusion
How Are Bonuses Taxed And How To Lower Tax Liabilities
Bonuses are taxed as income, and the IRS will work hard to identify the amount you received. There are several tax deductions that you can claim in order to reduce your tax liabilities. Since bonuses are taxed as income, they must be included in gross income before any allowable deductions and
CPA Checklist: What to Bring to your First Meeting
Typically, CPAs invoice on an hourly rate -- which you request in advance. Regardless of the price point however, if it's your money and it's about to become someone else's money, then it's in your best interest to be organized and efficient when meeting with your CPA for the first time. If
How Tax-Friendly Is Washington Compared To The Other 49 States
Tax rates for individuals vary across the nation. The Tax Foundation has a whole section dedicated to state taxes which provides a detailed look into the different tax rates and deductions available in each state. Each state has its regulations regarding taxation and each taxpaying citizen should be
How To Get $8,000 From The Childcare Tax Credit
People get stressed when tax season approaches as everyone is required to file their taxes correctly or face significant financial consequences. This year however, parents get a reprieve as they can write off up to $8,000 through the childcare tax credit. The following points will provide insight
1099-K and Taxes on Selling for Less than you Paid for
Like most Americans, you're probably cautious and confused by the impending tax season and the seemingly endless number of forms you need to deal with. Of course, if you use sites like PayPal, eBay, Zelle, and Venmo, then you might see the 1099-K form within the endless slew of paperwork.
Does the IRS Forgive Taxes After 10 Years?
The Internal Revenue Service (IRS) is an agency that deals with tax collection, and administers the Internal Revenue Code enacted by congress. It is the responsibility of law-abiding citizens to pay taxes as authorized by the government. Below are the following things you need to know. Are Ten
What Is Disposable Income?
One of the most important things you can do to improve your overall quality of living is to sit down and determine how much disposable income you have available to you on a regular basis. The first challenge is an inherent one and that comes from misconceptions on what the term really means. It