Tax Tips
What Is Taxable Income?
As you know, U.S. citizens are subject to taxes based on their annual income. There are, however, distinct definitions of what “income” is under federal…
Is Social Security Taxed After Age 70?
Do You Stop Paying Taxes On Social Security At Any Age? Article summary: Social Security benefits becoming non-taxable after you turn 70 is a myth. …
What Happens If You Don’t File Taxes (And 4 Common Excuses)
Here’s What Happens If You Don’t File Taxes Article summary: Failure to file your taxes will have you penalized by the IRS. The penalties can…
IRS Code 766: What it Means on Your Transcript
Taxes and good news seldom come together, but that doesn’t mean it never happens. Case in point, you might one day receive your tax transcript…
How IRS Exchange Rates Work When Converting Foreign Currencies to US Tax Dollars
Taxpayers who earn income in a foreign country or financial assets in foreign currencies must report their earnings and assets in US dollars on their…
IRS Publication 502: Yes, You Can Deduct Your Medical and Dental Expenses on Your Tax Return
If you've never heard of the medical expense deduction, you might be in for a treat. The Internal Revenue Service offers you a bit of…
401k Contribution Limits Increased for 2024
The year 2024 brings good news for retirement savers. The 401k contribution limits are set to increase, allowing individuals to save even more towards their…
How Do Taxes on Gambling Winnings Work?
Gambling activities can be thrilling and potentially lucrative, but it's important to understand the implications of taxes on gambling winnings. By staying informed, you can…
