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tax articles
American Rescue Plan Act and the major changes it brings
The American Rescue Plan Act incorporates some significant improvements to the tax code, in addition to including stimulus tests, expanded unemployment insurance, grants for vaccination delivery and COVID-19 training and research, and relief to state and local governments It extends the Section 1 [...]
Are you filing for a tax extension? Here’s why you should think twice
Due to the Novel coronavirus pandemic, Americans are overwhelmed about their tax. However, the good thing is, the federal government has decided to move the tax filing deadline from April 15 to July as there is no clear signal of getting rid of this corona pandemic. The people of America can even [...]
Do trust beneficiaries have to pay taxes on the distributions?
Trusts make an important portion of your estate planning and overall wealth portfolio. The availability of several types of trusts, and their liabilities to become taxable in various ways and forms, make it very difficult to choose a trust set up, that you will be forever comfortable with. Usual [...]
Debt settlement: How it affects on your tax and credit score
Many people who are in drowning in huge debts consider debt settlement to get rid of their debts. Debt settlement is a good debt repayment option as it reduces the total debt amount. You can approach your creditors for the settlement on your own. In that case, you should try to convince them abou [...]
How IRS treats forgiven debts and what are the tax consequences
In plain and simple words, the IRS treats forgiven debts as your income. To be definite, the IRS considers ‘cancellation of debts’ quite the same as your weekly or monthly paycheck! And, there is a good reason why the IRS treats forgiven debts as your income.Read on, to understand why.When you b [...]
Got a tax refund? See how to use it better!
Tax refund for us is a big expectation while filing our taxes at the end of the tax year. Whatever we can pull back from the vaults of IRS, makes us a bit happy.But only a few of us actually know how to put the tax refund money to some good use.First, you need to understand that the tax return doesn [...]
Can you claim a tax deduction for medical expenses?
Did you accumulate a lot of credit card debts last year for paying your medical expenses? You are not alone; many Americans are falling into debt trouble due to uncontrollable medical bills. Why are people falling into medical debt? First of all medical costs are rising sky high and deliberately [...]
Do you know you can file income tax for free?
In the post “IRS guidelines to choose a tax preparer”, I have talked about how you can select a good tax preparer for yourself. Usually, a tax preparer charges a fee on the basis of the complexity of your tax return and completeness of your information. Some tax preparers even charge an addition [...]
Do charity to get tax write-offs this Easter
It is time to file taxes and get prepared for Easter as well. This is the busiest time of the year as you have to complete the tax task while getting prepared for the Easter.Also, this is right time when you should gear up to get the tax write-offs.Charitable giving can be a wise investment that ens [...]
Last Updated on: 16 Apr 2018
