Category: Guide

The Earned Income Tax Credit is one of the most valuable credits available in the U.S. Plus it’s refundable even if you don’t owe any federal income tax. That money could help cover essentials, reduce debt, or go toward savings. …

Earning money on your own terms initially feels freeing, until you have to deal with taxes. Unlike employees who are subject to payroll taxes, you are responsible for your taxes when you are self-employed.  Many new freelancers, contractors, and small…

Income tax payable is just one of the jargons that every business encounters in their financial accounting. Small businesses often struggle to understand whether it is a ‘liability’ or an ‘expense.’ What is income tax payable, how to calculate, and…

You work hard for your money. But when payday comes, the amount hitting your bank account is less than you earned. It's all about taxes and deductions taken from your payroll. There are different types of taxes withheld, including federal…

How you fill out your form W-4 determines how much federal income tax is withheld from your paycheck. There are nuances how to fill out W4, whether you want a bigger take-home pay or a tax refund. It depends on…

Just received your Form 1099-R? This form is used to report money you've received from retirement accounts, pensions, annuities and more. Understanding it correctly is absolutely crucial for filing accurate income taxes with the IRS. The most important box on…

Sales tax is a standard levy on goods and services, and understanding how to calculate it is essential for budgeting and financial planning. Whether you’re buying everyday items or need to reverse-engineer the tax from the total amount, this guide…

Capital gains taxes are levied on the profits realized from selling appreciated assets such as stocks, bonds, or real estate. The rates applied to these gains depend on when the asset was held and your overall income level. Learn more…

How to calculate social security tax is a crucial aspect of understanding your financial obligations and planning for retirement. This guide will walk you through the process, ensuring you have all the necessary information to calculate your Social Security tax accurately. …