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Tax Knowledge for Individuals & Households

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  • If your dependent child collects unearned income from government benefits such as Supplemental Security Income (SSI), figuring out what to claim on your tax return may be confusing. In this article, you'll learn what you need to know.

    Taxes: When Your Dependent Child Receives SSI Disability

    Taxes: When Your Dependent Child Receives SSI Disability

    by shewritesright29

  • 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 side of car donations.

    Car Donation to Charity: Pros and Cons

    Car Donation to Charity: Pros and Cons

    by MKayo11

  • 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?

    Tax Avoidance or Tax Evasion: Which One is Legal?

    Tax Avoidance or Tax Evasion: Which One is Legal?

    by Mark Shulkosky4

  • 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.

    What Is a 1099 and Why Did I Get One?

    What Is a 1099 and Why Did I Get One?

    by Mark Shulkosky0

  • 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.

    IRS Red Flags That Put Your Tax Return at Risk for an Audit

    IRS Red Flags That Put Your Tax Return at Risk for an Audit

    by Mark Shulkosky14

  • In December 2017, the most significant change in the tax law in the past 30 years was signed into law and became effective for 2018. Some 65% of taxpayers will benefit from the changes with lower tax bills, 6% will see their tax bills increase and the rest will see no change with the new law.

    2018 Federal Income Tax Changes: What Helps? What Hurts?

    2018 Federal Income Tax Changes: What Helps? What Hurts?

    by Mark Shulkosky7

  • 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.

    IRA Early Withdrawal Penalties and Their Exceptions

    IRA Early Withdrawal Penalties and Their Exceptions

    by Justin Muirhead1

  • 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.

    Advantages and Disadvantages of Direct Taxes

    Advantages and Disadvantages of Direct Taxes

    by Syed Hunbbel Meer14

  • 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.

    Who Can You Claim as a Qualifying Child for the Earned Income Tax Credit (EITC)?

    Who Can You Claim as a Qualifying Child for the Earned Income Tax Credit (EITC)?

    by Mark Shulkosky2

  • 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.

    Top 5 Common Taxpayer Mistakes From My View in My Tax Office

    Top 5 Common Taxpayer Mistakes From My View in My Tax Office

    by Mark Shulkosky14

  • Tax time doesn't need to be a stressful event if you maintain records throughout the year. Follow these tips to make filing your taxes a breeze.

    Record-Keeping Tips for Tax Season

    Record-Keeping Tips for Tax Season

    by Shauna L Bowling51

  • Social security benefits are usually tax-free but not always. Interest income, dividends, pensions, IRA distributions, and employment income can all contribute to making your social security benefit taxable. Up to 85% of your social security benefit maybe taxable as income.

    What Do You Mean, There Could Be a Tax on Social Security?

    What Do You Mean, There Could Be a Tax on Social Security?

    by Mark Shulkosky17

  • The President promised both a tax cut and simplification of the tax form. In November 2017, Congress passed significant changes to the United States Tax Code. The Internal Revenue Service found ways to create a "postcard" tax return—by moving most of the lines off the main form.

    Some Changes in Your 2018 Income Tax

    Some Changes in Your 2018 Income Tax

    by Cindy D Whipany0

  • Read this complete review of FreeTaxUSA before you start your taxes. How do they match up against TurboTax, H&R Block, and other providers? Can they handle your complex tax return. Read more...

    FreeTaxUSA - 2017 Software Review

    FreeTaxUSA - 2017 Software Review

    by JacobWright19

  • 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.

    Furniture Donation Pickup: Tips and Advice

    Furniture Donation Pickup: Tips and Advice

    by Simone Haruko Smith4

  • 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.

    How to Find the Value of Donations for Tax Purposes

    How to Find the Value of Donations for Tax Purposes

    by Simone Haruko Smith2

  • 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.

    How to Update Your KRA PIN to iTax

    How to Update Your KRA PIN to iTax

    by Patrick Kamau73

  • 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.

    How to Establish Residency in Another State

    How to Establish Residency in Another State

    by Patty Inglish MS21

  • 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.

    The End Is Near! Your Federal Income Taxes Are Now Due July 15th!

    The End Is Near! Your Federal Income Taxes Are Now Due July 15th!

    by Mark Shulkosky19

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