It’s said that death and taxes are the only two certainties in life. Hopefully, death is a long way off for us all, but tax season comes around each year! We know that filing taxes can be confusing, and it’s even worse if you’ve never done it before. The good news is that we’re here to ease the filing burden. Keep reading to learn a few tips on how to navigate the world of taxes. See if your parents are claiming you The first tip in filing your taxes is to talk to your parents to see if they’re claiming... View Article
Being self-employed comes with plenty of perks, but it can also make tax time a bit of a nightmare. Depending on how you’re paid, you might get 1099-MISC, 1099-NEC or 1099-K forms in Union City, NJ. What’s the difference between these forms? Read on to learn more about which tax forms are used for which types of compensation. Do you get 1099-MISC, 1099-NEC or 1099-K forms? Tax forms have changed a little for tax year 2020. If you’re a freelancer or consultant who has earned over $600, you can expect to see your earnings on a 1099-NEC (non-employee compensation) form,... View Article
If you did your taxes this year only to find out that you owe money, don’t panic—this is a very common situation. Although it can be intimidating to owe a large chunk of money, the IRS is more than happy to make tax payment arrangements for Union City, NJ taxpayers. There are four options to pay what you owe—read on to find out which choice is the best for your situation. Short-term payment plan If you owe less than $100,000 in taxes, penalties and interest, you can apply for a short-term payment plan online. This is best for people who... View Article
If you spent most of 2020 working from home, you’re probably wondering which tax deductions are applicable. After all, working from home in Union City, NJ means increased expenses for the employee—you’re paying for your own power, air conditioning, internet and more. If your employer normally offers a lot of perks, like free coffee and food, you might be spending more than you normally would. Plus, thanks to tax changes in 2017, employees are no longer able to claim the home office tax deduction. Potential tax deductions Here are some of the working-from-home tax deductions available in Union City, NJ:... View Article
If you’re new to homeschooling, you might not realize that there are tax deductions available in Union City, NJ. While you should always consult a certified accountant before claiming any new deductions, you can take advantage of federal tax credits to cut down on your tax bill. They’re not specifically labeled as “homeschool tax deductions,” so you might miss out if you’re not looking closely. Here are some of the tax credits your family may be eligible for: Federal tax credits: Federal tax law allows you to deduct certain expenses from your tax bill. First, if you hire a tutor... View Article
