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Taxes

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Taxes
Tax Filing Status

Tax Filing Status: Choosing the Right Status for You

Tax brackets help in understanding what kind of taxes are applied to you on the basis of your filing status. How you move from one range to another as a taxpayer critically depends on your filing status.
how to file taxes

How to File Your Own Taxes: Step-by-Step Process

The 2023 tax season is here and it's time to get your paperwork in order! The IRS kicked off the tax return acceptance on January 23, so grab your favorite pen and get ready to file your 2022 taxes.
EV Tax Credit

EV Tax Credit: Saving on Electric Vehicle Purchases

Taxpayers buying clean, plug-in electric or plug-in hybrid vehicles can take advantage of the electric vehicle tax credit, also known as the EV credit. Depending on the vehicle's weight, how many cars the manufacturer has sold, and whether you own it, the non-refundable credit will range from $2,500 to $7,500 for the tax year 2022 (taxes filed in 2023).
IRS Payment Plan

IRS Payment Plan: Managing Tax Debt Effectively

Payment plans are available from the IRS, and you may be able to get on one on your own - possibly for free - if you apply. Read on for more details.
Tax Deductible Donations

Tax Deductible Donations: Maximizing Your Contributions

You can claim tax-deductible charitable donations while filing your tax return by itemizing the contributions on Schedule A of IRS Form 1040 or 1040-SR. It is usually limited to a certain percentage, for instance, 60% of the taxpayer’s adjusted gross income (AGI).
earned income tax credit eligibility

Earned Income Tax Credit Eligibility: Qualifying Criteria

Apart from having low to moderate income, there are several other factors that determine whether you qualify for earned income tax credit.
home office tax deduction

Home Office Tax Deduction: Claiming Your Workspace

There are generally two options for determining the home office tax deduction. The simplified version, however, may result in a smaller tax break. The standard option, on the other hand, needs extensive calculations and record-maintaining to offer a larger deduction. 
tax evasion vs tax avoidance

Tax Evasion vs Tax Avoidance: Legal and Illegal Practices

Tax avoidance is a method of reducing tax liability within the legal boundaries by exploiting loopholes in the tax laws. Tax Evasion refers to the illegal act of avoiding paying taxes by means of deception or concealment.
Federal-Income-Tax-Brackets

What are Federal Income Tax Brackets for 2022-2023

While it is essential to take advantage of credits and deductions, before that you should understand which Federal Tax Brackets you fall under, be it filing single or married. Here's a comprehensive list of Federal Income Tax Brackets that can help you understand your income brackets better.
child tax credit eligibility

Child Tax Credit Eligibility: What You Need To Know

Tax season is on and everyone is busy filing their returns and finding ways to get respite from the heavy sums that might need to be paid. One popular way to find some relief is to check if you qualify for Child Tax Credit in 2023. Read on to know more.
Tax deadline

Tax Deadline: Don’t Miss the Filing Date

All of us share a common concern, whether you're a tax guru or a last-minute runner, the question is the same: "When are taxes due?" Read on to find out the tax deadlines in 2023, including estimated tax payments and the due date for your federal income tax return.
do i have to file taxes

Do I Have to File Taxes? Understanding Your Obligations

You’ll know the power of deduction, only when it comes to income tax returns. But let’s say, you are not bound to file a tax return. Speechless, right? There may be many reasons why you need to file tax returns, or not. Read on to know all the circumstances.
Self-Employment Taxes

Self-Employment Taxes: A Guide for Independent Workers

This article explains everything you need to know about self-employment tax or SECA which is the federal government's tax for self-employed individuals.
penalty

What is the Penalty for Filing Taxes Late? Explained

Penalties are calculated automatically by the IRS and added to any tax owed. The IRS will send you a notice detailing the amount of the penalty and the reason for it.
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