If this is your first time claiming business losses on personal taxes, you might be confused and feel uncertain in many ways. One common question is this: Can I claim business losses on personal taxes?
The answer is yes- it’s actually a widespread practice. It has been since before all of the changes this year. There are just specific requirements that need to be met, and the filing process must be appropriately handled. (Don’t worry. We’ll get into all of that.)
Read MoreThe Social Security tax is paid by both employees and employers to help fund the Social Security program. It’s collected in two different forms. The Federal Insurance Contributions Act mandates the payroll tax. The Self Employed Contributions Act mandates the self-employment tax. The tax pays for the disability, survivorship, and retirement benefits of millions of Americans every year.
Keep reading to find out more about this tax, whether you should be paying it and how it is beneficial to you.
Read MoreBoth dividend income and capital gains are sources of profit for a shareholder and will create possible tax liabilities for investors. Capital is the initial sum that is invested. A capital gain is the profit that happens when an investment is sold for a higher price than the original purchase price. An investor won’t make any capital gains until they sell the investments and make a profit. Dividend income is paid out of the profits a corporation makes to the stockholders. It is considered income for the tax year instead of a capital gain. However, qualified dividends are taxed as capital gains instead of income. Since there is a lot of confusion about capital gains tax, a tax manager can help you with this part of your taxes and with general tax tips.
Read MoreMany benefits come along with being a homeowner. One of them is that mortgage rates are usually lower than that of rental payments. Another benefit of being a homeowner is that you have the flexibility to use your home as an investment to earn an income stream. Perhaps the most fruitful benefit of being a homeowner is that it gives you access to a wide variety of tax breaks.
Read MoreWhether you’re on the buying or receiving end, it’s to your advantage to understand what fair market value (FMV) is and why it’s important to every real estate transaction. This post will give you that information in detail. We’ll also discuss how FMV differs from other types of valuations encountered in the modern real estate market.
Read MoreThe Internal Revenue Service never promised its rules and regulations would remain simple or easy to understand, but the IRS does a pretty good job of making them fair. One example of this, giving gifts, involves what many call “the gift tax.”
Read More
