Tax Deductions for the Self-Employed
Knowing which self-employed business expenses qualify as tax deductions can have a significant impact on a business's tax liability. Possible self-employed tax deductions include health insurance, transportation, education, and home office expenses. Learn about self-employed individual tax deduction considerations and requirements.
Choosing the Right Tax Filing Status
Tax filing status has a significant impact on your eligibility for deductions, as well as what you owe for federal and state taxes, so it is imperative that the correct status is selected when filing. Currently, there are five tax filing status options, and in certain situations, you may qualify for multiple statuses. Learn about the different tax filing statuses as well as status requirements and deductions.
Tax Reporting Requirements and Deductions for Rental Properties
Owning an investment property can be a great way to boost your financial security and work toward financial independence. However, rental property taxes can complicate your tax return. Learn about considerations for rental property owners when reporting income and expenses associated with rental properties.
Taking a Property Tax Deduction
The property tax deduction - which allows state and local property taxes to be deducted from the property owner's federal income taxes - is one of many benefits of being a homeowner, but you don’t need to own a house to get this tax break — there are other ways to qualify. Learn about what taxes-paid qualify for this federal tax deduction.
Tax Tips for New Businesses
There are tax requirements that need consideration to ensure tax reporting compliance and eligibility for the maximum number of credits and deductions. Tasks such as selecting the appropriate business entity, establishing a tax reporting year, applying for an Employer Identification Number, and having employees complete required tax withholding forms are some of the requirements. Learn about business entity and tax filing considerations and requirements when starting a business.
Individual Tax Return Filing Considerations for 2021
As we reach the end of the 2021 tax year, now is the time to start sorting your tax documents for an on-time individual income tax return filing. View a listing of items to consider when preparing for the filing of your individual tax return. Each item listed could have a significant impact on the amount you must pay to the IRS or the tax refund you are eligible for.