The concept of gifting a winning lottery ticket to a tax-free charitable trust is an intriguing one. It combines the thrill of a lottery win with the noble cause of […]
Tax
How to Avoid Estimated Taxes by Adjusting Your Withholding
If you are a freelancer, self-employed, or have other sources of income that are not subject to federal tax withholding, you may have to pay estimated taxes throughout the year. […]
Tax
ACA APTC: What You Need to Know When Your Tax Family and Coverage Family Are Different
The Affordable Care Act (ACA) provides a premium tax credit (PTC) to help eligible individuals and families pay for health insurance purchased through the Health Insurance Marketplace. The PTC is […]
Tax
Taxable Capital Gains: What You Need to Know
Capital gains are the profits that you make when you sell or exchange a capital asset, such as stocks, bonds, real estate, or art. Capital gains are generally included in […]
Tax
Tax Basis for Inherited Stocks and Bonds
When someone inherits stocks, bonds, or mutual funds from a deceased person, they may wonder how to calculate the tax basis of these assets. The tax basis is the original […]
Tax
How to Use Your Losses to Increase Your Tax Basis
Tax basis is an important concept for any taxpayer who owns assets, such as stocks, bonds, real estate, or business interests. Tax basis determines how much tax you will pay […]
Tax
How to Handle W-9 Forms for Online Business in Different States
If you run an online business, you may have to deal with W-9 forms from your clients or vendors. A W-9 form is a request for your taxpayer identification number […]
Tax
State Tax Issues for Remote Workers: A Case Study of DC and NJ
Remote work has become more common and popular in recent years, especially due to the COVID-19 pandemic. However, remote workers may face some challenges when it comes to filing their […]
Tax
How to Report Delayed Payments on Your Tax Return: Cash Basis vs Accrual Basis Accounting
If you are a small business owner or a self-employed individual, you may have experienced late payments from your customers or clients. Late payments can cause cash flow problems and […]
Tax
What to Do When Your Employer Messes Up Your Tax Withholding and W-4 Forms
Tax season can be stressful enough without having to worry about your employer making mistakes on your tax withholding and W-4 forms. However, sometimes these errors do happen, and they […]
Tax
Qualified Dividends and Ordinary Dividends on IRS Form 1040
Dividends are payments that corporations make to their shareholders as a way of distributing their profits. Dividends can be a source of income for investors, but they also have tax […]
Tax
How to Avoid Taxes and Penalties on a 1099-R Distribution That Is Less Than Your Rollover Check
If you have received a Form 1099-R from your retirement plan or IRA, you may be wondering what it means and how it affects your taxes. Form 1099-R reports the […]