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Federal Income Tax Return Filing Requirements for Retirees

Federal Income Tax Return Filing Requirements for Retirees 1

Do retirees have to file a federal income tax return? You might think that the days spent filing an income tax return each year is behind you once you are retired. However, being retired doesn’t necessarily get you out of filing a return with the IRS. In fact, you may want to file even if … Read moreFederal Income Tax Return Filing Requirements for Retirees

Quarterly Estimated Taxes Due Dates, Calculation, and Late Payment Penalty

Quarterly Estimated Taxes Due Dates, Calculation, and Late Payment Penalty 11

As a small business owner, you have to make estimated tax payments to the Internal Revenue Service throughout the year (about once a quarter). This makes it easier to afford the taxes you owe rather than have a lump-sum balance due at tax time. As a business owner, I will share with you how I … Read moreQuarterly Estimated Taxes Due Dates, Calculation, and Late Payment Penalty

How to Pay Quarterly Estimated Taxes

How to Pay Quarterly Estimated Taxes 14

For all the freelancers, small business owners and self-employed individuals out there, staying on top of when the estimated tax payments are due is important to help you stay within the IRS tax payment guideline and avoid penalty. Making estimated tax payments also helps you avoid financial shortfall when you file your tax returns. How … Read moreHow to Pay Quarterly Estimated Taxes

Your Paycheck: Tax Withholdings and Payroll Deductions Explained

Your Paycheck: Tax Withholdings and Payroll Deductions Explained 17

When you first start a job, it’s exciting. You agree on a salary, and you are thrilled that you will soon be getting paid. If your salary is $40,000 a year and you are paid every two weeks, you might be expecting $1,538.46 each check (i.e., your salary divided by 26 pay periods). Unfortunately, this … Read moreYour Paycheck: Tax Withholdings and Payroll Deductions Explained

2019 IRS Tax Tables: Federal Income Tax Brackets and Rates

The following article contains information about the federal income tax rates for 2019. You’ll use these tax tables to help you calculate your 2019 taxes in early 2020. Federal Income Tax Rates (2019) The table below gives you the marginal tax brackets for single, married couples filing jointly, and head of household. Marginal Tax Rate … Read more2019 IRS Tax Tables: Federal Income Tax Brackets and Rates

Strategies to Reduce Taxes on Social Security Benefits

Strategies to Reduce Taxes on Social Security Benefits 21

One of the items that many people rely on for retirement planning is Social Security. You know that you will likely receive Social Security benefits (although they might be reduced). However, Social Security benefits are also among the surprising things you pay taxes on. Depending on your income level, and where that money is coming … Read moreStrategies to Reduce Taxes on Social Security Benefits