As a parent, you may be looking for opportunities to teach your children valuable life lessons, including those related to money and work ethic. One unique way to do this is by hiring your kids for work within your family business or household. Not only can this provide your children with valuable skills and experience, […]
Taxes & Your Savings
Federal Tax Treatment of LLCs
Starting a business can be an exciting venture, but it also comes with numerous financial and legal considerations. One crucial aspect that entrepreneurs must understand is taxation. Limited Liability Companies (LLCs) have gained popularity as a business structure due to their flexibility and liability protection. However, the taxation of an LLC can be a bit […]
Which Income Types Are Not Taxable?
Taxes are an integral part of our financial lives, but not all income is subject to taxation. Understanding which income types are taxable and which are not can help you make informed financial decisions and potentially reduce your tax burden. In this article, we’ll explore various income sources that are not taxable, shedding light on […]
My Tax Refund is Late. Now What?
Tax season can be both a stressful and eagerly anticipated time of the year. Many people look forward to receiving their tax refunds, as it often represents a financial boost. However, what happens when your tax refund is late? This delay can be frustrating, but it’s essential to stay calm and take the right steps […]
How to Request a Tax Transcript From the IRS
When it comes to financial matters, accurate documentation is key. The IRS maintains various types of transcripts that provide a detailed record of your tax-related activities. Whether you need a tax transcript for tax filing, loan applications, or personal financial planning, understanding how to request IRS transcripts is crucial. In this guide, we’ll walk you […]
AGI vs. MAGI
Most taxpayers are used to seeing the term adjusted gross income, or AGI, when filing their tax returns. This is mostly due to the fact that your AGI dictates which tax credits and deductions you qualify for. While the term modified adjusted gross income, or MAGI, is not heard as often, it too plays a […]