Tax articles
395 plain-English guides to U.S. federal taxes, newest first.
All articles
Married Filing Separately: What It Means and When It Makes Sense
When you’re married and preparing to file your taxes, you generally have two filing status options: married filing jointly or married filing separately. While most couples choose to file jointly to ta…
CPA Tax: What It Is and How It Can Help You
When tax season rolls around, many people find themselves overwhelmed by the complexity of the U.S. tax code. Whether you’re an individual taxpayer with a straightforward return or a business owner de…
Understanding Tax Rebates: What They Are and How They Work
Tax rebates are a form of financial relief provided by the government, offering taxpayers the opportunity to receive a refund or reduction on the amount of taxes they owe. Many people associate rebate…
Filing Business Taxes for LLC for the First Time: A Complete Guide
Filing business taxes for an LLC for the first time can feel overwhelming, especially if you’re unfamiliar with the various tax classifications, filing deadlines, and reporting requirements. While LLC…
Can Long Term Losses Offset Short Term Gains?
When it comes to investing, taxes play a significant role in determining how much of your profits you actually keep. If you buy and sell stocks, mutual funds, or other investments, you will eventually…
Tax Benefits of Marriage: How Tying the Knot Can Lower Your Tax Bill
Marriage is often viewed as a romantic and personal milestone, but it also comes with financial implications—especially when it comes to taxes. For American couples, saying "I do" can unlock several t…
W2 Form Control Number: Who Is In Control?
The W2 Form control number is an internal control measure by your employer. It doesn’t mean they’re useless; there are some specific scenarios where you might use them, especially if you use tax softw…
Depreciation Recapture: What It Is and How It Affects Your Taxes
When you own property or assets used for business or income-generating purposes, you can claim depreciation on your taxes. Depreciation allows you to deduct a portion of the asset's value over time, r…
Tax for Self-Employed Individuals: A Comprehensive Guide for 2025
If you work for yourself, whether as a freelancer, independent contractor, or small business owner, you’re responsible for handling your own taxes. Unlike traditional employees, whose employers withho…
The Wash Sale Rule in 2025
If you’ve been investing in stocks or other securities, you may have heard of the wash sale rule. This is an IRS regulation designed to prevent investors from claiming a tax deduction for a loss on a…
Cómo calcular los taxes en USA: Guía completa para latinos en 2025
Calcular correctamente los taxes en Estados Unidos es una parte esencial de la vida financiera, especialmente para los latinos que residen en el país. Ya sea que trabajes por cuenta propia, como emple…
Why Is My Federal Withholding So High?
If you’ve recently taken a look at your paycheck and wondered, "Why is my federal withholding so high?"—you’re not alone. Withholding can sometimes seem unexpectedly large, leaving you with less take…
What Is IRA Deduction? A Complete Guide for U.S. Taxpayers
Saving for retirement is one of the smartest financial moves you can make, and an Individual Retirement Account (IRA) is a popular tool to help you do just that. But what is an IRA deduction, and how…
Are Home Repairs Tax Deductible? A Complete Guide for U.S. Homeowners
If you’re a homeowner, you’ve probably wondered: Are home repairs tax deductible? Also, whether the money you spend on home repairs can give you a break at tax time. After all, repairs can be very cos…
Are Scholarships Taxable? Everything You Need to Know
For many students and their families, receiving a scholarship can be a huge financial relief. Whether it’s a merit-based award, an athletic scholarship, or a need-based grant, this free money can help…
A Complete Guide to Restricted Share Units (RSUs) and Their Tax Implications
If your employer has granted you Restricted Share Units (RSUs), congratulations—you’re essentially receiving a promise of company stock that could become a valuable asset over time. RSUs are a common…
1099 Deductions: The Ultimate Guide for Independent Contractors and Freelancers
Being your own boss comes with many perks, sure, but it can also make you feel like a lone ship adrift at sea, especially when it comes to taxes. As an independent contractor, you don’t have the conve…
Your 401(k) Tax Benefits
By taking advantage of your 401(k) tax benefits, you’re not only helping yourself to build a more financially secure future, but it may also lower your tax bill in the present as well.
Are Political Donations Tax Deductible?
Election season brings out the patriot in all of us, but while you might want to support your candidate, party, or political organization of choice with your wallet, you need to remember how the IRS l…
LLC Taxes: How Are LLCs Taxed?
Are you considering going the LLC route? Whether it’s because of your business growing in complexity, or you just want to do some risk management, we can guide you through the tax side of things.
Should I Hire a CPA? What You Should Know
CPA’s can definitely help you file your taxes, but that’s really not taking full advantage of what they can offer; hiring a CPA can help you work out a personalized tax strategy to boost your long-ter…
How Long to Keep Your Tax Forms
If you’re like most Americans, then the fact that you’re keeping your old tax forms is incidental because they’re just a part of the towering stack of old documents at home. It’s time to get serious a…
The FICA EE Tax: What It Is And How It Affects You
Whether you’re an employee or an employer, you’re probably used to seeing an endless list of acronyms next to the many deductions on the money you take home at the end of the year. Out of these endles…
The Penalty For Taking Early 401(k) Withdrawals
Having an untapped source of money for emergencies is tempting, particularly in an economy like this, but tapping into retirement will get you a 401k early withdrawal penalty—unless you understand the…