Children are a precious gift and a blessing. They can also benefit you come tax time. Thanks to the Tax Cuts and Jobs Act (TCJA) you can no longer take an exemption for dependents. However, not all has been lost. Prior to the TCJA you would have received a $1,000 credit for each of your dependent children. This child tax credit has now been increased to $2,000 per child. In addition to your biological child your stepchild, foster child, niece,...

Like many tax scenarios, it depends. Unlike most countries, the United States taxes its citizens on their worldwide income. For example, if you lived the digital nomad lifestyle and did some freelance work while you traveled internationally the Internal Revenue Service would still expect you to include that income on your tax return. There is, however, the foreign earned income exclusion which may help you save a significant amount in taxes....

It’s common for married couples to file jointly on their tax returns. It’s the default choice, not just for people who try to do their own taxes but also by tax preparers. However, like most tax decisions it depends on the situation. A person’s federal filing status is based partly on his or her marital status as of December 31. Therefore, if you were single for most of the year and got married on December 31 then you would be, for tax...

Running a side hustle is no easy task. You juggle your business alongside a job and other responsibilities while trying to increase sales. Finally, you gain some traction. If you’re like many part-time entrepreneurs taxes is not the first thing on your mind. However, ignoring them could be a big mistake. Unlike your regular job where your employer withholds taxes from your paycheck, as an independent contractor, you typically submit those taxes...

Phone: (888) 561-7287 Driving for Uber gives you the freedom to work where and when you want. However, with that freedom comes the responsibility of filling and paying your own taxes. Not only must you file income taxes as an Uber driver but you are required to pay self-employment tax if you have at least $400 in net earnings. This tax is 15.3% and is for Social Security (12.4%) and Medicare (2.9%). When you work for a company as an employee,...

Many people get worried when they haven’t filed taxes in years and their anxiety may be justified. Tax debt problems have even pushed some people to do the unthinkable. After all, for those that meet certain thresholds, filing and paying any tax due is a requirement. Failing to do so could result in penalties or, in some cases, criminal prosecution. There are several other reasons why you should get tax help if you have several years of unfiled...