Tag: taxes

The Truth Behind These Common Tax Myths

Ed note: There are a few persistent tax myths that pop up year after year. Here’s the unfortunate truth about some of these misconceptions. Leer en español. Myth #1: Being Unemployed Means Not Paying Taxes Any unemployment benefits you receive from local, state or federal government entities are considered to be income and must be reported […]

Up to 1 in 6 Taxpayers May Miss Out This Year With Expiring Tax Benefits

Update: Good news! Congress has passed a one-year retroactive extension to these tax provisions that expired at the end of 2013. Now it just needs the President’s signature. This marks the sixth time since 2005 that Congress has extended these or similar tax breaks. Original post: There were a bunch of tax breaks that expired last […]

What Does It Really Mean to be Audited?

Ed note: We’re all afraid of something. Heights. Snakes. Whatever. But around tax time, you’ll find a lot of people very scared about the possibility of being audited. In that case, here’s some reassuring news for you. Leer en español. Most people think of the word “audit” as one of the worst five letters words […]

New Tax Form Coming: The 1095-A [INFOGRAPHIC]

It’s been said before, but the Affordable Care Act is the largest change to the tax code in 20 years. Part of that change means that there are entirely new tax forms you may need to know about. If you received health insurance coverage through a Marketplace, you’ll want to know about the 1095-A. Our […]

The First Time International Taxpayer’s Guide to Filing a U.S. Tax Return

Ed note: If you are new to the U.S., the process of filing a tax return may seem daunting at best and impossible at worst. We help sort through what it means to be a nonresident filing for the first time – what status to use and what documentation you’ll need to work on ahead […]

5 Small Business Tax Myths

Ed note: There are a few pervasive myths around taxes if you work for yourself or have a side business. Namely, supposed deductions that can’t actually be deducted. Don’t get caught making one of these mistakes next year! Leer en español. 1. Personal Care and Clothing Expenses as Deductions No matter how polished and well […]

Adoption in the U.S., At A Glance [INFOGRAPHIC]

November is National Adoption Month in the United States. In light of that, we wanted to focus on some of the most important issues for (potential) new parents. Namely, what kind of adoptions exist, how long it can take to adopt and what an adoption costs. Also, there is a tax credit that some new […]

Five Important Tax Implications of Starting Your Own Business

Ed note: There’s a perception that owning your own business means you get all kinds of tax write-offs. To be sure, there are some tax benefits that are available to you. However, there are also a number of new tax complexities that you must account for. We detail a few of the most important changes […]

Tax Rules for Sole-Proprietors with Employees

Ed note: FICA, FUTA, FIT. No, that isn’t the start of some wacky Dr. Seuss book. It’s just a few of the alphabet soup of taxes that you will need to know once you bring on employees. Lucky for you, our Tax Institute small business expert Mike Slack is here to help out. Hiring employees […]

How Are Direct Sellers Taxed

Ed note: Do you work at home as an independent distributor for a multilevel marketing company? If you do, you probably understood that sentence. If you’re thinking of being a direct seller of some of your favorite products – maybe it’s Origami Owl, Usborne books or It Works! – then we have some information about […]