One of the first decisions you’ll face when filing your taxes is selecting the right filing status. Your choice can significantly impact the amount of tax you owe or the refund you receive. With a handful of options available, it’s essential to understand the nuances of each. In this article, we’ll break down the most […]
Tax Benefits of Donor-Advised Funds
Donor-Advised Funds (DAFs) have emerged as a powerful tool that not only allows philanthropists to make a positive impact but also offers substantial tax benefits. By understanding the advantages of DAFs, you can optimize your giving strategy for the causes you care about. Here’s an overview of the tax benefits of donor-advised funds. What are […]
How State Residency Affects Your Taxes
When it comes to taxes, the old adage “location, location, location” takes on a new meaning. State residency plays a significant role in determining the taxes you owe, as each state has its own tax laws, rates, and regulations. Things get even more tricky if you work and live in two different states. In this […]
Can I Get Disability If I Owe Back Taxes?
Life can be challenging when facing both financial difficulties and health issues. Many taxpayers ask themselves, “Can I get disability if I owe back taxes?” For individuals experiencing a debilitating condition while also owing back taxes, the situation can seem overwhelming. However, it’s essential to know that there are options available to help ease the […]
What is a W-9 Form?
Whether you are a small business owner hiring independent contractors or a freelancer seeking work opportunities, the W-9 form plays a crucial role in the world of taxes. The IRS uses this form to gather essential information about independent contractors, consultants, and freelancers who provide services to businesses. In this article, we will delve into […]
Are Canceled Liabilities Taxable?
Dealing with debt can be a stressful and overwhelming experience. Imagine, though, finally having a weight lifted off your shoulders when a creditor cancels or forgives a portion of your outstanding debt. While the relief might be immense, it’s essential to understand that canceled debt can have significant tax implications. Many individuals are unaware that […]