Tax articles
395 plain-English guides to U.S. federal taxes, newest first.
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What's The United States Treasury Address?
If you owe taxes to the IRS, it is important to know the correct address to send your money to. Sending your tax payments to the wrong IRS address could result in delayed processing that makes you lia…
How To Pay Taxes: The 6 Best Payment Options
Want to know how to pay taxes? Everyone has to pay taxes—that much is obvious. But you probably don’t know just how many options you have to do it. The IRS offers plenty of avenues on which to pay you…
AGI vs. MAGI: How to Calculate Each One
Adjusted Gross Income (AGI) and Modified Adjusted Gross Income (MAGI): When it comes to calculating your taxes, you will often hear those two different terms regarding income. You probably know that d…
The Complete Guide to the Standard Deduction
Unlike itemizing deductions, which lets you pick and choose which expenses get deducted from your taxable income, the standard deduction is a set amount of money that is not subject to taxes, which mi…
Top 10 Tax Tips If You Sold Your Home in 2023
Have you heard of this? You might not have to pay taxes on the gain if you sell your home and make a profit. Yes, this is true, and it is a huge savings. If you are single, you can claim up to 250,000…
How to Get a Tax Extension
Spring has arrived and April 15 will be here before we know it, but many of us won’t be ready to file our tax returns in less than a month.
Top 10 Tax Tips If You Sold Your Home in 2023
Have you heard of this? You might not have to pay taxes on the gain if you sell your home and make a profit. Yes, this is true, and it is a huge savings. If you are single, you can claim up to 250,000…
IRS Tax Payment Plan
Do you owe back taxes to the IRS? Are you having trouble coming up with the money to pay your Federal taxes? You are not alone.
The Pros and Cons of Filing Your Taxes Online and On Paper
Wondering about the pros and cons of filing your taxes online? Well, this tax season, do you go with e-filing or paper filing? You can avoid some of the drawbacks to paper filing and get your tax refu…
Is My Gym Membership Tax Deductible?
With the rising costs of fitness centers, the question might pop into your head from time to time: Uh, is my gym membership tax deductible? Unfortunately, the general answer is “no.” Don’t worry, we’v…
What Is the Modified Adjusted Gross Income?
The simplest way we can define the Modified Adjusted Gross Income (MAGI for short) is “your AGI plus a few things”. Things are far more complex than that, of course! But this short explanation is the…
Understanding the Different Types Of Tax Returns
Understanding all different types of tax returns is no easy task. Did you know that there are over a thousand official IRS tax forms out there? Used to report income, expenses, deductions, ask for ext…
How to Determine Your Federal Filing Status
There are five statuses: Single, Married Filing Jointly, Married Filing Separately, Head of Household, and Qualifying Surviving Spouse with a Dependent Child. They determine many things about your tax…
How to Find My Tax Return Refund
Not long after you file your federal income tax return, you may find yourself asking one very important question: how do I find my tax return refund?
Tax Form 1040 Instructions: What You Need to Know
Form 1040 is the flagship form of the Internal Revenue Service (IRS). It is used to report an individual’s income and calculate their federal income taxes. This form is used by all citizens and perman…
How Do Taxes Work?
How do taxes work? Well, if you're paying them, the question surely pops into your head from time to time. The truth is taxes (as hard as it is to believe sometimes) do play a big role in the day to d…
Tax Credit vs Deduction
As you probably know, tax credits and tax deductions can help reduce your overall income tax liability. Every year, millions of taxpayers search for credits and deductions that can help them save mone…
Types Of Tax Deductions
With the ever-changing tax laws and the temporary nature of most tax credits and deductions, timing is critical when it comes to claiming anything on your income tax return. To make the most of the av…
How to obtain a copy of past tax returns in all 50 states
If you are attempting to get a copy of your Federal Tax Return from the IRS, watch this how-to video on how to get copy of your past tax returns from the IRS.
How to obtain a copy of past tax returns in all 50 states
If you are attempting to get a copy of your Federal Tax Return from the IRS, watch this how-to video on how to get copy of your past tax returns from the IRS.
Pros And Cons of Professional Tax Preparation
Millions of Americans ask themselves the same question every year: Should I just pay a tax professional? A tax preparation service can be a fantastic help, but there are some things you need to keep i…
Small Business Tax Preparation: A Quick Guide
Filing taxes for your business is a whole different beast from just filing your individual taxes. You have to be prepared and up to date, so let us give you a quick refresher of what you need to know…
Can The Windfall Tax Affect You?
The windfall tax is deceptively simple. When you receive a windfall — whether it’s an inheritance from a relative, winnings from the lottery or gambling, or proceeds from a legal settlement — you may…
Understanding and establishing 'Material Participation' for tax purposes
When it comes to your income taxes, U.S. tax law makes a distinction between different types of income — including income from passive investments and active businesses in which the taxpayer “material…