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February 29, 2024
What Are Quarterly Estimated Tax Payments and Who Needs to Pay?

The United States’ tax system operates on a pay-as-you-go basis, meaning you must pay taxes as you earn or receive income during the year. There are two ways to pay as you go: Withholding: If you receive a W-2 salary, your taxes are withheld by your employer to pay federal and state taxes to the IRS [...]

January 24, 2024
What is an Underpayment Penalty?

If you’re required to pay estimated tax payments, the IRS could charge you with an underpayment penalty if you pay too little, too late, or don’t have enough withheld from your wages. Accurately estimating your quarterly tax payments can be difficult, but in order to avoid getting fined, you’re required to pay at least 100% [...]

November 28, 2023
What Is Bonus Depreciation? Eligibility & How To Claim It

If you look at Donald Trump’s tax returns, you’ll see that he barely pays any taxes, and the reason is because of depreciation. When you buy a property, it loses value over a period of time and you can start claiming that as a loss each year. Residential properties depreciate over 27.5 years, while commercial [...]

October 26, 2023
Estimated Tax Payment Deadlines, Penalties & Interest Rates for 2023

If you’re required to make estimated tax payments to the IRS, taxes are due four times per year. If you missed a quarterly tax payment, the IRS will charge you with an underpayment penalty for not paying enough or not paying on time (even if you’re owed a tax refund). The penalty charged is not a [...]

October 24, 2023
Tax Brackets & Federal Income Tax Rates 2023

For the 2023 tax year, the tax rates are the same as previous years with seven federal tax brackets: 10%, 12%, 22%, 24%, 32%, 35% and 37%. You can determine your tax bracket using your taxable income and tax filing status. [...]

October 12, 2023
Tax Extensions: How to File, Important Rules & Deadlines for 2023

If you need more time to file your federal taxes, a tax extension can give you an additional six months to file. However, a tax extension only gives you more time to file your taxes, not more time to pay your taxes. While you get additional time to file, the IRS still expects you to [...]

October 12, 2023
Tax Deductions vs Tax Credits: Key Differences & Similarities

Many people mix up the difference between a tax credit and a tax deduction. They’re both designed to reduce the amount of taxes you owe to the IRS, both are available to a variety of individuals, including employees, self-employed individuals, and business owners, and both come from expenses you incur or activities you participate in [...]

October 11, 2023
When Are Taxes Due? Important Deadlines for the 2022 & 2023 Tax Years

The 2023 tax year is coming to a wrap, and the 2022 tax season still has some important deadlines remaining. It’s time to start preparing your 2023 tax return, as well as keep up with important deadlines coming up for the 2022 tax year. There are many important dates to remember. Here’s every important tax [...]

October 6, 2023
Investing in Solar Projects: How It Works, Tax Benefits and Eligibility

Biden’s Inflation Reduction Act (IRA) in 2022 made a massive investment in climate, calling for $369 billion in tax incentives for investment in green energy, like solar projects. The tax benefits to come out of this make investing in solar projects the best tax saver for anyone with a high W-2 or business owner income. [...]