A Smart Tax Blog For All

Qualified Dividends and Capital Gain Tax Explained

Both dividend income and capital gains are sources of profit for a shareholder and will create possible tax liabilities for investors. Capital is the initial sum that is invested. A capital gain is the profit that happens when an investment is sold for a higher price than the original purchase price. An investor won’t make any capital gains until they sell the investments and make a profit. Dividend income is paid out of the profits a corporation makes to the stockholders. It is considered income for the tax year instead of a capital gain. However, qualified dividends are taxed as capital gains instead of income. Since there is a lot of confusion about capital gains tax, a tax manager can help you with this part of your taxes and with general tax tips.

Tax TipsKevin StraussAugust 26, 2020tax tips, tax managerComment

Tax Brackets Explained for Single Filers

A tax bracket means the range of incomes subject to a certain income tax rate when you file your tax return. Tax brackets happen in a progressive tax system, in which taxation increases as your income grows larger. Low incomes fall into a tax bracket with relatively low-income tax rates. Higher incomes fall into brackets that have higher tax rates.

Personal TaxesJackie StraussAugust 17, 2020tax return, tax trackerComment

How Does the IRS Know If You Give a Gift?

You might wonder how the IRS could find out about your gift. It's a common question to ask how does the IRS know if you give a gift. It's always possible that the IRS will find out about a gift you did not report properly. If this happens, you could be subject to penalties and interest. Having a good tax tracker that helps you meet tax requirements is a good idea. It's also a good idea to research tax requirements for gifts before you give one

Personal TaxesKatherine Davis August 15, 2020tax day, tax trackerComment

A How to Pay Less Taxes Guide That Everyone Will Appreciate

When learning how to pay less taxes, the key is finding legal ways that will lower your taxable income.

Deductions and tax credits can change regularly but there are still different ways to pay less when you use the right tax management tools.

Tax TipsJackie StraussAugust 8, 2020tax preparation services, tax management toolsComment

How to Save Money on Taxes: IRS Approved

No one likes paying taxes and a large tax bill can ruin your day. In order to avoid this surprise, there are moves you can make to save money on taxes.

In many cases, if you want to learn how to save money on taxes then you will need to itemize instead of just taking the standard deduction, but the extra time it takes to do this can be well worth it. There are plenty of tax saving tips if you know what to look for.

Tax ToolsJackie StraussAugust 2, 2020tax tools, tax saving tipsComment

What Kind of Tax Breaks Do Homeowners Receive?

Many benefits come along with being a homeowner. One of them is that mortgage rates are usually lower than that of rental payments. Another benefit of being a homeowner is that you have the flexibility to use your home as an investment to earn an income stream. Perhaps the most fruitful benefit of being a homeowner is that it gives you access to a wide variety of tax breaks.

Personal TaxesTimiarah SpriggsJuly 21, 2020tax manager, tax tipsComment

What Are the Rules to Claiming a Dependent On Your Taxes?

Even those who pay someone else to file their taxes run into years that they are unsure of what to expect. One of the big changes that always throws people is adding someone new to the family, whether that means having a baby or bringing Grandpa to live with them.

It’s okay- we understand how confusing it can be. Claiming a dependent can seem like a very complicated thing, so we are here to simplify it for you. This guide should cover all of your questions about claiming a dependent.

Tax TipsBrandy WoodfolkJuly 18, 2020federal tax return, find my refundComment

An Inheritance Tax Overview Any Generation Can Understand

As tax time typically nears, you may consider consulting a tax preparer so you do not have to try to sort through your financials alone. This can help you owe less and file accurately, especially if you had an unusual situation occur, such as the death of a family member.

Tax TipsCarlie LawsonJuly 14, 2020tax tracker, tax timeComment

What is Considered Taxable Income For The Average Earner?

In accounting terms, your taxable income refers to the income amount used to calculate your income tax in a single year, also called the adjusted gross income (AGI). The AGI refers to the individual’s total income minus allowed exemptions and deductions.

Personal TaxesCarlie LawsonJuly 9, 2020personal income tax, income taxComment

How to Determine Your Land and House Taxes?

If you own a home or are hoping to purchase real estate in the future, you need at least a basic understanding of land and house taxes.

That knowledge will help you decide which property to buy and may save you money if mistakes are made in your taxes during your years of ownership. Keep reading to learn how to determine your land and house taxes whether you’re shopping for a new home or already own real estate.

Tax TipsTheresa HammondJuly 2, 2020tax management, taxes dueComment

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