Tax articles
395 plain-English guides to U.S. federal taxes, newest first.
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Is Social Security Taxed After Age 70?
Is social security taxed after age 70? In life there are many myths that people keep believing despite them having no basis in reality, like chewing gum supposedly doesn’t digest, or how it’s safe to…
What Happens If You Don't File Taxes?
Failure to file your taxes, or filing them late even if you get a tax extension, can bring about bothersome and potentially serious consequences for you, from hefty fines to severe legal troubles depe…
Is It Worth Claiming Medical Expenses On Taxes?
Is it worth claiming medical expenses on your taxes? Well, for most Americans, medical expenses take up a big chunk of their yearly budget. Still, many people don’t have a clear idea of which specific…
Powerball After Taxes: How Much Will The IRS Take?
You know how it goes, one person becomes a millionaire overnight, and the rest of America turns into financial analysts. The Powerball jackpots have been nothing short of epic in the last decade, so b…
Understanding The EITC: Who Gets Earned Income Credit?
For taxpayers who are low- to moderate income workers, the earned income tax credit (EITC) can be a highly valuable tax break that is very much worth knowing. It’s not too hard to qualify for it, eith…
Short-Term Capital Gains Tax: A Quick Guide
A Quick Guide To The Short-Term Capital Gains Tax…
How Are Bonuses Taxed? A Quick Explanation
How are bonuses taxed? It's a valid question since, after a year’s worth of hard work helping your company meet its goals, getting a bonus feels like a well-deserved reward for any red-blooded America…
Claiming Dependents On Taxes: A Complete Guide
For tax purposes, a dependent is anyone who relies on you for financial support and can be “claimed” on your tax return (other than your spouse, of course.) Typical examples of dependents are your chi…
How To Know What Tax Rate To Use In Your Return
With different brackets, deductions, and credits to consider, it’s easy to feel overwhelmed. But don't worry, you'll find everything you need to know inside this handy guide.
Irs Code 971: What the Notice Means & How to Respond
A big part of the work that the IRS does is cross-checking information. As you can imagine, that means they’ll often run into returns and other documentation that’s short on the required information…
IRS Code 766: What it Means on Your Transcript
Taxes and good news seldom come together, but that doesn’t mean it never happens. Case in point, you might one day receive your tax transcript and find IRS code 766 on it. Well, Code 766 serves as a c…
How To Qualify for the $4000 Used EV Tax Credit
It's easy being green, especially when you get a tax credit for it.
Updated Tax Extension Deadline for US Citizens Abroad
The IRS recently reported the guidelines and instructions on when and how to file if you were living or working abroad. Here is an outline of what you need to know.
Pilot IRS Direct File Program a Success: Taxpayers Get $90 Million in Refunds
The Internal Revenue Service has just announced on X (formerly Twitter) that it has officially closed down the pilot IRS Direct File program, with over 300,000 taxpayers in 12 states signing up for Di…
The IRS Just Became 1 Billion Dollars Richer
In April, the IRS warned nearly 1 million taxpayers that they may be leaving more than $1 billion on the table because they never filed a 2020 return.
The Credit for Employer-Provided Childcare Facilities
The Credit for Employer-Provided Childcare Facilities is tax credit that encourages employers to provide childcare to their employees. An employer can get a tax credit up to $150,000 per year to offse…
How Do I Pay Estimated Tax Payments to the IRS?
Paying the IRS isn’t fun, but unfortunately it is something we all have to do, and especially around tax season. The good news is that the IRS has finally made it as easy to make Estimated Tax Payment…
When Corporations File Taxes: Tax Form 1120 and Form 1120-S for Corporation Income Tax Returns
Yes, corporations do file income tax returns. No, pigs still don't fly.
When Corporations File Taxes: Tax Form 1120 and Form 1120-S for Corporation Income Tax Returns
Yes, corporations do file income tax returns. No, pigs still don't fly.
How to Read Tax Transcripts: Find Your Refund Date on Your Tax Transcript
There's a lot of data in your tax transcript codes. Understanding them is like reading The Matrix.
How to Read Tax Transcripts: Find Your Refund Date on Your Tax Transcript
There's a lot of data in your tax transcript codes. Understanding them is like reading The Matrix.
What Form 1099-R Means For Your Retirement: Pensions, IRAs, Retirement or Profit-Sharing Plans
The R stands for Retirement. The 1099 stands for "Pay your fair share, even if you're retired.'
What Form 1099-R Means For Your Retirement: Pensions, IRAs, Retirement or Profit-Sharing Plans
The R stands for Retirement. The 1099 stands for "Pay your fair share, even if you're retired.'
Opinion: The Future of Artificial Intelligence Tax Preparation Is (Not Quite) Here
What happens when computer code meets the U.S. tax code?