Taxes

IRA account early withdrawal penalties are put in place for good reason. The average citizen is encouraged to stash money away for their golden years under penalty of losing 10% of it (taxes not included). However, there are many exceptions to the penalties, which we cover here.

It is a given that the rich and corporations WON under the Trump-GOP tax act, but who else benefited or were hurt by this controversial law?

Tax clearance is required if you retire, resign, or leave Malaysia for more than 3 months, and for the deceased. But how do you actually apply for a tax clearance letter (TCL) and get your last month's salary ASAP?

This information given here will help you to update your KRA PIN to iTax by logging into the iTax portal. All old PINs processed using ITMS are required to be updated to iTax.

If you are looking for job opportunities in Malaysia or already working here as an expatriate, this list of issues and Q&A on tax law in Malaysia LHDN will help you understand your tax exposure better.

Learn all the various advantages and disadvantages of direct taxes. This articles explains all the merits and demerits or advantages and disadvantages of direct taxes.

You can claim your girlfriend or fiancée on your taxes provided she meets certain qualifications. Here's how to do it and how much you can get back from the IRS.

There are advantages and disadvantages of car donation. Is it as easy as it sounds? How much of the car's value goes to the charitable cause? Find out the good, bad, and ugly sides of car donations.

Is playing within the rules tax evasion and 'not paying your fair share'? Is everyone that lowers their tax bills evading taxes? Is lowering your tax bill illegal or something even the IRS expects? What is the difference between tax avoidance and tax evasion?

Learn all about the differences between flat and progressive taxes. Both types have their pros and their cons and both can be successful if implemented correctly.

Certain red flags that the IRS looks for can put you at risk for a tax audit. Stay out of trouble by reporting all of your income and only taking credits and deductions that you are entitled to and can support with proper documentation or receipts for all expenses.

Because of the coronavirus pandemic, the deadline for filing your federal income tax return has been extended to July 15, 2020. In addition, payments will not incur penalties or interest if paid by July 15th. If you need more time to file, use Form 4868 to file for an extension until October 15th.

Mistakes made when filing your tax return can lead to delays in receiving your refund. In my tax office I see mistakes that are often avoidable. Some "mistakes" are intentional and are illegal attempts at trying to increase a tax refund.

IRS Form 1099 is used to report income or earnings paid to you. Self-employed receive a 1099-MISC and must report it on a Schedule C. Other common Form 1099s that can be received include 1099-INT, 1099-DIV, 1099-R, 1099-B, and SSA-1099.

The Earned Income Tax Credit (EITC) is a refundable federal tax credit. It is designed to help low and moderate-income individuals and families keep more of what they earn. Claiming a qualifying child can increase your EITC. The 4 criteria that must be passed for a qualifying child include relationship, age, residence, and joint return.

I used TurboTax for over 20 years for my business and personal accounts, and I'll show you what version you need to file your taxes correctly. This article will be updated for 2022 taxes due in April 2023 when TurboTax releases their software updates. Bookmark this for further review.

If you own a second home, then you want to be aware of some tax advantages that could save you money.

Taxes are confusing. Here's an overview of the earned income tax credit, including what it is, who qualifies, and the high rate of tax fraud surrounding it.

In this article, discover why you should not claim head of household on your tax return if you are not entitled to. We go over the requirements for claiming this status and the penalties for claiming it fraudulently.

A complete guide to submitting/e-filing income tax returns and wealth statements for tax years 2015, 2016, 2017, 2018, 2019 and 2020 via FBR's IRIS system. How to get NTN before submitting returns.

When you donate something that isn't straight cash, you are responsible for recording its value if you want to get a deduction for it when you file taxes for the year. This article helps you accurately determine your donation's value.

Don't let old furniture sit around and collect dust. Donate it! You will be surprised to find how easy it is to donate furniture. Many organizations pick it up for you, plus you can enjoy a nice tax deduction. Here's what you need to know.

If you are willing to pay extra for an easy, user-friendly tax experience, just follow TurboTax's advice on which version fits your needs: Basic, Deluxe, Premier, or Home & Business. But you may be able to pay less and still get your taxes done.

Did you know that your clothing donations can lead to a tax deduction? Here's how to get rid of unused clothing and save some money.

Does your dependent child collect unearned income from government benefits? Learn what you need to claim and how to do it.

If you are wondering whether your federal tax refund will be taken by the IRS as a result of debt, owed child support, or another reason, here is how you can find out.

Do you want to take advantage of financial benefits (lower taxes, business tax credits, in-state college tuition, etc.) by establishing residency in another US state? Here's what to do.