Many employers compensate employees through commission, instead of hourly wages or a salary. These commissions may be set up to be paid as a percentage or a fixed amount. Taxes on these amounts must be calculated and paid on a monthly or annually basis. Six tax brackets exist along with four filing statuses, each of which have ranges that determine which bracket you are in. ...read more
Bankruptcy is the process by which the federal government takes over your financial debts when they have become too high for you to handle. During this process, all of your income is considered, when the bankruptcy court decides how much you can repay your creditors. Although this usually includes your tax refund, depending on your state laws, you can avoid handing this money over. ...read more
Your income level is the determining factor in regards to the amount of money you pay in taxes. The number that determines the tax rate is your adjusted gross income. If you take advantage of credits and deductions, it is possible to drastically reduce your tax rate. ...read more
What is one of the most dreaded days of the year in the U.S.? Most likely that day would be April 15th, better known as Tax Day. This is the deadline for people to turn in their income tax forms without a penalty. Some people will receive a refund while others may have to pay back. ...read more
Citizens of the United States that earned money and lived overseas the previous year still have to file a federal tax return. Living and working outside the country is not an exemption for filing taxes. The Internal Revenue Service offers special forms for those that worked and lived overseas. ...read more
Many people do not realize that they can write off the amount that they pay to an accountant or tax preparation service for preparing and filing their taxes. The IRS allows you to file an itemized return that will reimburse you for the amount of money that you paid for these services. ...read more
Federal, State and Local taxes cannot be avoided. In fact, it is taxes that help to provide money for public education, roadways and government. Without financial help from everyone, America would not thrive as one of the most powerful countries in the world. Take pride in your country, follow the laws and pay your taxes. ...read more
After you file your tax return, you want to get your refund as soon as possible. In fact, you may become obsessed with checking your bank account or mailbox often. The IRS has help for you. You can call a telephone number and listen to an automated machine or you can simply check on your tax refund online. ...read more
Everyone is talking about filing taxes online. It is so simple. Answer a few questions, enter your information, push a few buttons and Viola! Your taxes are complete! What happened to the way things used to be? Some people would like to use a pen and paper to calculate taxes. This process is still a successful option for many taxpayers across the nation. ...read more
The IRS revolutionized how Americans submit their taxes when they introduced e-file in 1986. However, e-filing is not for everyone. Understanding the facts about paper and electronic filing will help you be able to know which one is right for you. ...read more
An inheritance tax is a tax that you must pay when you receive money or property from a person who is deceased. The assets are usually left to you in the deceased’s will and it is read after the time of death. Inheritance calculators make it easier to figure out the amount owed on your inheritance. ...read more
When someone you love passes away, so many different emotions can run through you, especially if you are to receive an inheritance. The mixed emotions that come about can make it difficult for you to remember everything you need when dealing with an inheritance. The inheritance you receive will need to be distributed to your state as an inheritance tax, but it can later be used as a deduction on your federal taxes. ...read more
For many lower-income families, an IRS refund check is a lifeline that helps them survive another year. The wait for a refund check to reach the mailbox can be excruciating. Understanding this, the IRS has developed a system to help you check if your refund has been sent. ...read more
Once taxes have been filed most people would like to know the status of their tax refund. Waiting to find out when you will receive your refund can become daunting. However, the Internal Revenue Service has several different options available to help you find out the status. ...read more
Self-employment is an excellent way to make income and choose your ideal working conditions. It can be a struggle at times and there are potential drawbacks that need to be evaluated. Before you decide to become self-employed carefully consider your and your family's needs. ...read more
