As the summer break from school approaches, many students are looking for part-time summer employment. If the prospect of working while studying is one that excites you, you may want to look into becoming something like a Cultural Care Au Pair. This involves working as a child carer to earn some extra money while completing [...]
Article Highlights Filing status can be single, married filing jointly, married filing separately, head of household, or surviving spouse with dependent child. Adjusted gross income (AGI) is the sum of a taxpayer's income minus specific subtractions called adjustments. Modified AGI is the regular AGI with certain adjustments and exclusions added back. Taxable income is AGI [...]
If you have a second home in a resort area, or if you have been considering acquiring a second or vacation home, you may have questions about how rental income is taxed should you decide to rent it part of the time on https://rentalcloud.com/ or similar listing sites. It is a fair concern. After all, [...]
A frequent taxpayer question is whether it is better to invest for tax-free or taxable interest. Generally, taxable interest will provide a greater return, but this may not hold true after taking into account taxes on the income. Therefore, the question is really which provides the greater "after-tax" return. Making a decision will take on [...]
A question frequently asked by individuals who are approaching the age at which they can draw Social Security benefits is, "At what age should I begin taking my benefits?" To make an informed decision, a number of issues should be considered, including how doing so affects your benefits, what the tax ramifications are, the historical [...]
The Affordable Care Act (ACA), also referred to as Obamacare, imposes an individual mandate requiring all non-exempt U.S. Citizens and legal residents to enroll in government-approved health insurance in 2014 or pay a penalty. The penalty will be collected through the individual’s income tax returns (Form 1040). The penalty for not having insurance is generally [...]
For several years now, Congress has left the taxpaying public hanging to the last minute with tax changes and extensions. And each year, the political gridlock seems to get worse, leaving taxpayers pondering how to plan their finances and businesses undecided about capital investments and hiring new employees, not knowing what the tax laws will [...]
2014 will be a challenging tax year for businesses and higher-income taxpayers. The following issues are concerns that may impact you and your company's tax liability in the new year. Small Business Health Insurance Credit – The tax credit to small employers (25 or fewer equivalent full-time employees) that provide an affordable health insurance plan [...]
The distinction has significant implications for both the employer and the employee. Employers like to treat individuals as independent contractors because they avoid having to match the employees’ payroll tax, pay benefits, pay unemployment insurance, etc. This results in a significant savings for employers. When you are an employee, the employer pays you a net [...]
