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how to save tax
12 Best Strategies To Reduce Your Tax Bill
A tax bill is the amount of money an individual or a business entity owes to the government. It is dependent on the individual/business entity’s taxable income, which is determined by subtracting any applicable deductions and credits from the total income earned in a fiscal year.
Withholding Tax
What Is Withholding Tax and How Does It Work?
Withholding tax is a convenient and easy way to pay your tax bill throughout the year. But it is advised to keep a thorough check on your withheld tax amount. This blog deals with the basic information involved with withholding employees’ salary for tax payments.
Tax Dependent
Who is a Tax Dependent: Criteria and Eligibility | Beem
For tax purposes, a dependent is typically a qualifying child or a qualifying relative. To be considered a tax dependent, the person must meet specific criteria related to residency, support and income among others.
Estate Tax
Estate Tax: What You Need to Know
The specifics of estate tax, including the tax rate, exemptions, and thresholds, vary by jurisdiction and can be subject to local tax laws and regulations.
1099-INT form
Form 1099-INT: Your Guide to Interest Income Reporting
The 1099-INT form includes your Social Security Number or taxpayer identification number, which means that the IRS knows of your income from investments.
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.
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.
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. 
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.
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).
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.
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).
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.
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.
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