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Taxes

Everything you need to know about.

Taxes

Exploring Arizona State Income Tax for 2023-2024

The deadline for filing taxes in Arizona is generally the same as the federal tax. There are a number of tax software out there that will do your taxes for free or for a small sum.

February 14, 2023
ado

IRS mileage rate 2023 – Know their purpose

Taxpayers should consult the IRS guidelines if they have any questions or concerns about claiming mileage deductions on their tax returns. By using the IRS Mileage Rates, taxpayers can avoid the need to keep detailed records of actual operating expenses, such as fuel and maintenance costs.

February 13, 2023
Amrita Khandelwal

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.

February 13, 2023
Thejaswini MA

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).

February 13, 2023
Prem Kishan

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.

February 13, 2023
Prem Kishan

Bonus Tax Rate: What You Should Know About Bonuses

The bonus comes under the category of ‘supplemental wages’ by the IRS which also includes things like severance and commission. This is where confusion sets in because the IRS confuses bonuses with severance and commission.

February 13, 2023
Simra Sadaf

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).

February 13, 2023
Monica Aggarwal

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.

February 13, 2023
ado

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.

February 13, 2023
Monica Aggarwal

Tax Planning Strategies: Optimizing Your Financial Outlook

Your tax bracket is the range of income that is subject to a specific tax rate. Good tax planning will help you in making smart financial decisions.

February 13, 2023
Fatema Yusuf

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.

February 13, 2023
Thejaswini MA

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.

February 12, 2023
Prem Kishan

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.

February 12, 2023
Fatema Yusuf

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.

February 12, 2023
Nivedita Majumdar

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.

February 12, 2023
Prem Kishan