Property taxes are a major source of income for local governments, comprising 72% of local tax collected. Property taxes typically fund your local schools and libraries, emergency services, roads, and parks and recreation department. Before you receive your property tax bill, you should receive your home’s value. This value is determined by your tax assessor … Continue reading How are My Property Taxes Calculated?
In 2018-2019, there are seven different federal tax brackets. These brackets determine the amount of taxes withheld from your paycheck. Due to inflation, the IRS updates the brackets each year. The brackets vary if one is single, married but filing taxes separately, married and filing taxes jointly, or head of household. For one who is … Continue reading What Are The Different Tax Brackets?
The different types of 1099 forms represent various types of income collected throughout the year needed to file one’s taxes. Like a W-2 form, it will be sent by January 31, though not all taxpayers will receive one. Independent contractors who make at least $600 during the previous year will receive a 1099 form. The … Continue reading What is a 1099 Form?
A W-2 form is required to be sent by your employer by January 31 and is necessary for filing your taxes. The form reports your wage and salary information, the amount of federal and state taxes withheld, the amount you contributed to your retirement plan, and the amount your employer paid for your healthcare during … Continue reading What is a W-2 Form?
Read Part 1 here. When fewer allowances are claimed, often more than enough tax is withheld, and the Internal Revenue Service (IRS) will issue a refund after the individual has filed their taxes the following spring. If multiple allowances are claimed, too little tax may be paid during the year and the IRS will request … Continue reading What is a W-4 Form? Part 2
One of the first steps at a new job is declaring your tax status on a W-4 form. The W-4 form determines the amount of tax withheld from your paycheck by your employer to pay to the federal government and is determined by allowances. The more allowances an employee claims on the W-4 form, the … Continue reading What is a W-4 Form? Part 1
Many Americans choose to hire tax experts to help file their taxes. These tax professionals are knowledgeable and up-to-date in tax law and can make filing taxes a seamless and simple process, though they do come at an expense. Extra tax support from a professional can be particularly helpful if numbers and finances are not … Continue reading Should I File my Taxes Myself?
When filing taxes, having all of the necessary forms nearby will be helpful. A first step is to have the names, dates of birth, and social security numbers for all individuals covered in your tax return. It could just be you, or it could include a spouse and/or dependents. One of the most important and … Continue reading What Forms Do I Need to File my Taxes?
Through the leadership of state government, every state has the authority to determine their tax structure to maximize their revenue. For most state governments, the involvement of citizens through lobbying or engagement can help determine taxes, particularly related to social services and education. One tax, sales tax, occurs statewide in 45 states and is printed … Continue reading Why do taxes differ wildly per state?