8 Essential Tax Planning Tips

Your tax bracket is the range of income that is subject to a specific tax rate. Good tax planning will help you in making smart financial decisions.

How Charitable Donations Help Save on Your Tax Bill

You can claim tax-deductible charitable donations while filing your tax return by itemizing the contributions on Schedule A of IRS Form 1040 or 1040-SR. It is usually limited to a certain percentage, for instance, 60% of the taxpayer’s adjusted gross income (AGI).

Do I Need to File Tax Returns and Why?

You’ll know the power of deduction, only when it comes to income tax returns. But let’s say, you are not bound to file a tax return. Speechless, right? There may be many reasons why you need to file tax returns, or not. Read on to know all the circumstances.

When is the Best Time to File Your Tax Returns

If the IRS receives your tax returns after the deadline, then it will definitely bill you extra under a late-filing penalty. They will add an extra 5% to your tax which extends for the next five months.

Tax Relief from Back Taxes

Tax relief for back taxes refers to a reduction in the amount of taxes owed for previous tax years. This can be achieved through various means.

When Should You Consider Hiring a Tax Attorney?

Tax attorneys are knowledgeable in various tax-related matters, including tax planning, tax compliance, tax controversy, and tax litigation. In addition, they can help with both state and federal taxes, and represent clients before the IRS and other tax authorities.

Your Guide to Gift Tax Rates in 2023

A gift tax is a federal excise tax imposed on an individual who gives money or property to another person without receiving equal value in return. It is imposed on a person who gives money or property to someone other than a spouse or dependent.

What is Standard Tax Deduction Amount for 2022-23?

The standard deduction is one of the most important tax benefits available, as it can significantly reduce the amount of your taxable income. Even if you don’t possess any other eligible deductions or tax benefits, the IRS permits you to avail of the standard deduction without any queries.

What Is IRS Form 1099-DIV – Dividends and Distributions?

A 1099-DIV tax form serves as a record that a company or other financial entity paid dividends to investors. An investor can receive Form 1099-DIV from banks and financial institutions if they earned more than $10 in dividends on your investments.