19% of US families have trouble paying medical expenses. Have you ever thought about what you would do if you had to pay an expensive medical bill? It helps to save for these kinds of events, but it could also help if you knew more about saving on your medical expenses. Keep reading to learn more…
Category: Taxes
16 Tax Benefits of Incorporating: What You Need to Know
Imagine you’ve started the business of your dreams. You have a bunch of amazing clients and customers, and things can’t be better. Then, taxes come along, and you wonder about the tax benefits of incorporating. While incorporating isn’t for everyone, it offers quite a few financial advantages. Read on for more. Set a Salary One…
The Complete Guide to FICA and Medicare Taxes: Everything to Know
Have you looked at your income tax bracket to figure out what you’ll owe in taxes? Before you stop at that number, don’t forget about FICA and Medicare taxes. FICA Taxes are also commonly known as Social Security Taxes. These are separate from income tax, and they can add up quickly. Knowing about these taxes…
What Small Business Tax Forms Do You Need? (All You Need to Know)
Knowing what small business tax forms you need when you start a new venture is vital to your success. With over five million new business applications being filed in 2021, more and more people choose the entrepreneurial lifestyle each year. Being prepared with the right forms and information will help set you up on the right path….
What Is Step-Up Basis? The Complete Guide (to Legal Loophole)
The step-up basis tax rule saved individuals about $116 billion over the last 10 years. It’s a tax provision that allows you to lock in the cost of assets. Do you know What is Stepped-up Without the rule, you’d pay a significant amount of tax on the appreciation of inherited assets, like stocks or real estate….
Roth IRA Conversion: Pros and Cons
How much you pay in taxes now can have a huge impact on how much money you have to retire with in the future. One way that people can minimize how much they pay in taxes is with a Roth IRA. These are accounts where you contribute money that’s already been taxed and later have the…
Capital Gains Tax on Real Estate: Everything To Know
Homes in the US are selling faster than they have in 20 years, with the average time to find a buyer being just one week! But buying a home comes with many financial responsibilities. Some you’ll pay upfront, like your down payment and closing costs. Other’s you’ll pay over time, like your mortgage and property tax. And some…
Understanding Solar Tax Credit in 2022
The Solar Tax Credit 2022 is a valuable incentive that can help reduce the cost of solar energy systems. According to the Solar Energy Industries Association, solar has seen 42% annual solar growth as a result of the Solar Investment Tax Credit (ITC). To qualify for the solar tax credit, certain requirements must be met. In this…
A Complete Guide to Freelancer Tax Deductions for 2022
Did you know that freelancers can take a lot of tax deductions? In 2022, there are several freelancer tax deductions you can claim to reduce your taxable income. The thing is, there are many deductions you may be eligible for, but not everyone is familiar with them all. As a freelancer, you are responsible for…
SEP IRA: A Comprehensive Guide
Are you a small business owner or self employed? Do you know what is a SEP IRA and how you can use this for retirement planning? You are at the right place. In this article, We will be discussing all the important questions pertaining to SEP IRAs and how to set up a SEP IRA…