Like it or not, the gig economy and its innovations (such as ride-hailing apps) have changed the world. However, income from the gig economy is subject to the same tax obligations as other forms of income. Keep reading to learn more. What Is the Gig Economy? The term “gig economy” refers to the people who…
If you didn’t file a 2017 tax return, you may have money waiting for you. Keep reading to learn more and discover what steps you need to take to get your unclaimed 2017 tax refunds. What You Need to Know According to official estimates, some 1.3 million taxpayers didn’t file a 2017 tax return and…
The first step toward learning more about taxes is to get a clear understanding of some key terms. That’ why today we bring you nine concepts that will help you navigate with confidence the world of income tax. Adjusted Gross Income (AGI) This is your gross income (see below) minus adjustments such as education expenses,…
1) Check Your Withholding First, make sure that your tax withholding is correct. This can be done easily using the Tax Withholding Estimator from the IRS. Checking your withholding is important because it helps you avoid unexpected tax bills when you file your 2020 tax return. These are some cases when checking your withholding is…
An ITIN is a tax identification number issued by the Internal Revenue Service (IRS). Some ITINs expire in 2020, so it’s important to check if yours is among them and, if so, make sure to renew it to avoid refund delays. What Does ITIN Stand For? The acronym ITIN stands for Individual Taxpayer Identification Number. This…
Over the last several months millions of Americans have received taxable unemployment compensation for the first time due to the impact of the COVID-19 pandemic. That’s why today we’d like to remind you that unemployment compensation is taxable, and it’s advisable to retain those taxes now to avoid owing them when you file your return…
Your tax filing status is a category that determines the rate at which your income is taxed. Generally speaking, your filing status depends on whether you are single or married on December 31. That fact determines your status for the whole year. In some situations, more than one status may apply (you can see all…
July 15, the deadline to file and pay your taxes has come and gone. Those who couldn’t file by that date had the option to make payment and request an extension. But what if for any reason you didn’t file and didn’t request an extension? Keep reading to discover what are the alternatives at your…
The deadline to file and pay your taxes was yesterday, July 15. This means that a lot of people are already waiting for their tax refund. If you are owed a refund, keep reading to discover some facts you should keep in mind. How to Track Your Refund Using the internet is the best alternative…
It’s true: The coronavirus outbreak has upended our routines. But there are still some dates you must make sure not to forget, and that includes Tax Day. The federal Tax Day was originally scheduled for April 15, but it was moved to July 15 to offer financial relief to those affected by the coronavirus outbreak.…