In the US, the top personal income tax rate is 37%. No matter your tax bracket, however, you can save on annual taxes with tax breaks. With tax breaks, you can reduce your yearly tax liability. However, you may wonder, “What is a tax break?” Keep reading to learn more about tax breaks and a few…
Making Money At Home (9 Proven Home Based Businesses)
More and more, especially with the Covid-19 pandemic, people are finding ways to making money at home and online. Currently, 45% of full-time workers work remotely at least some of the time. Well, what if we were to tell you that anyone can earn money online, and not just the people whose jobs allow for it. Believe it…
What Is the Standard Deduction? Everything You Need to Know
If you’re reading this, you’re probably surrounded by piles of paperwork, crumpled receipts, and a series of tax forms that seem to be in another language. It can be tempting to knock the whole pile right off of the desk and simply apply for a standard deduction for 2021. Why wouldn’t you choose the easiest option when…
What Is the Savers Credit and How Does It Work?
Imagine you lived as frugally as possible to put money away for retirement. You deserve a little something for that effort, and that prize could be the savers credit. Not everyone will qualify for it, but if you do, it may help you save on your taxes. Then, you can work on other financial goals,…
Foreign Tax Credits: A Complete Guide
In a single year, taxpayers pay more than $1.6 billion in personal income tax. For instance, you may invest in foreign income-producing bonds, mutual funds, or stocks. If so, it’s likely you paid foreign taxes on the income. However, what if you could avoid getting taxed a second time on your US tax return? You can do…
Are Medical Expenses Tax Deductible?
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…
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…
Professional Corporation: Everything You Need to Know
Five million business applications got filed in 2021. It’s important to know what type of business entity you are when you start a company. Choosing whether you create a professional corporation or limited liability company (LLC) can have major repercussions on your company. This guide will discuss professional corporations. It’ll also go over why you might…
Are Gambling Wins Taxable? (Key Details)
Did you know that roughly 85% of Americans have gambled at least one time in their lives? Beyond that, three out of five people have gambled in the previous year. Gambling can be a fun, thrilling, and exciting activity when done responsibly. However, there have certainly been many cases throughout history where individuals relate to gambling with…
What Makes a Business Successful? (9 Proven Ways)
Are you ready to start the business of your dreams yet struggle to take action because you’re afraid of failure? Owning a business can be a deeply rewarding experience. Not only does it give you the chance to make a lot of money. It can also help you to feel a greater sense of purpose by…