Taxes

Updated for tax year 2022. There’s no doubting it — having kids is expensive. Between paying for diapers, daycare, and many other baby supplies, new parents can quickly find themselves overwhelmed financially. Fortunately, several tax advantages are available to parents to alleviate some financial responsibility. 1. Child Tax Credit The Child Tax Credit (CTC) is
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Don’t worry – the IRS doesn’t want to tax every last cent you earn. In fact, the department offers a standard deduction — a gift! — to all taxpayers based on their filing status. Here are the standard deduction rates for the 2022 and 2023 tax seasons: Filing status 2022 standard deduction 2023 standard deduction
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Our Mileage Reimbursement Calculator helps to determine the compensation of travel while you are on official business. This amount is calculated as a baseline or minimum by IRS to ensure employees are fairly compensated for their travel expenses. Mileage Reimbursement Basics If you frequently drive your car for work, you can deduct vehicle expenses on
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Iowa State Tax Filing Deadlines 2023 The State of Iowa government has issued the following guidance concerning income tax filing deadlines and extensions: The tax filing due date for 2022 Iowa income tax returns is May 1, 2023. Qualifying taxpayers who file and pay by this date will not be subject to late-filing or underpayment
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Iowa State Tax Brackets 2023 The state of Iowa collects income tax from its residents at the same rate regardless of filing status. Here’s a breakdown of those rates for tax year 2022. Iowa state taxes are due May 1, 2023. For married taxpayers filing jointly Taxable Income  Tax    OverBut Not OverTax RateOf Excess Over $0$12,000$0.00+(4.40%x$0)
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You can receive Form 1099-K for a variety of reasons. How you report the income listed on your 1099-K depends on how you made that income, which can be confusing if you’ve never seen this form before. In late December 2022, the IRS delayed an anticipated change in 1099-K reporting thresholds that would have resulted
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Start a side gig in 2022? Whether you lost your traditional job or you simply wanted to earn some extra cash, side gigs tend to complicate your tax filing a bit. Over the years, the IRS refined its rules for gig workers. But obviously, the IRS still wants you to pay taxes on any income,
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Updated for tax year 2022. Campaign contributions total hundreds of millions of dollars, and they continue to rise. With this level of fundraising, one question is sure to come to mind: Are political contributions tax deductible? The short answer? No. Most political contributions, whether local, regional, or national, are not tax-deductible and haven’t been for years.
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Updated for tax year 2022. No matter what self-employment looks like for you, you’re responsible for ensuring the taxes on your net earnings are paid to the Internal Revenue Service (IRS). And the self-employment tax (SE tax) is part of that. Officially known as the Self-Employment Contributions Act tax, the SE tax is the self-employed community’s version of
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NO PURCHASE IS NECESSARY TO ENTER OR WIN. A PURCHASE WILL NOT INCREASE YOUR CHANCES OF WINNING. ALL APPLICABLE FEDERAL, STATE, LOCAL, AND MUNICIPAL LAWS AND REGULATIONS APPLY. VOID WHERE PROHIBITED. PARTICIPATION CONSTITUTES ENTRANT’S FULL AND UNCONDITIONAL AGREEMENT TO AND ACCEPTANCE OF THESE OFFICIAL GIVEAWAY RULES, WHICH ARE FINAL AND BINDING. WINNING A PRIZE IS
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If you have questions about student loan forgiveness, you’re not alone — especially after recent court rulings blocking loan cancellation efforts. The Federal Student Aid office is not accepting new loan forgiveness applications at this time, but we’ve provided some common FAQs below for those who still have questions. If the program begins accepting applications
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Wondering what’s changed in the tax world from last year? We put together the top six 2022 federal tax changes that taxpayers like you should know about before filing your income tax return in 2023. Tax year 2021 saw major tax changes due to the coronavirus pandemic, but many of those changes went away in
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Being your own boss comes with a variety of perks. But it also forces you to handle work typically taken care of by a human resource or finance department. For example, you must find your own healthcare plan and deduct taxes from your paycheck. And, when it comes to saving for retirement, it’s your responsibility to start a savings fund. Here are
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Running a business or a side hustle isn’t for the faint of heart. Whether you’re just starting out or you’ve been doing this for a while now, the self-employed tax jargon can be a little overwhelming. Let’s take a quick refresher with a helpful glossary of common business finance and tax terms you might run
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