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How Freelancers or Gig Workers Can File Taxes

Through this blog, we will try to answer all such queries, including how to file taxes for freelancers or gig workers and how being your own boss can present some serious challenges, such as proving your income to a skeptical mortgage lender.

February 24, 2023
Prem Kishan

Tax filing options for self-employed or low-income people

How will you file your taxes correctly with the IRS by April 18, 2023, as a self employed or a low income individual? There are different ways to go about this and the choice is yours.

February 24, 2023
Nivedita Majumdar

Tax Filing for Self Employed: Requirements, Deadline and Late Penalty

As per the tax filing requirements for self employed individuals, the SE tax is paid annually, but the income tax is to be paid quarterly on the basis of estimated income in the forthcoming quarter. Read on to know more.

February 24, 2023
Nivedita Majumdar

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.

February 16, 2023
Amrita Khandelwal

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.

February 16, 2023
Fatema Yusuf

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.

February 16, 2023
Amrita Khandelwal

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.

February 16, 2023
Amrita Khandelwal

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.

February 15, 2023
Prem Kishan

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.

February 14, 2023
Monica Aggarwal

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

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

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

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

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

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