Taxes

How Do I File Taxes If I Work As a Freelance Artist?

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If you are a freelance artist, you will need to file a 1040 federal tax return with a Schedule SE, which is for Self-Employment Tax, and Schedule C, which is Profit and Loss from Business. You will be responsible for Social Security and Medicare taxes when you file if you have not filed quarterly es

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How to Afford Hearing Aids

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Hearing aids are necessities for the people that use them, allowing people that are deaf or hard of hearing to hear the sounds of the world. The cost of hearing aids ranges from $1,500 to $3,000 each. With a cost this high, many people are not sure how they are going to purchase the hearing aids tha

Banking Consultant Salary

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Banks employ millions of people worldwide to perform a number of analytical and service-oriented tasks for debtors, investors, speculators and individual customers. Because of the highly competitive and international nature of the banking industry, banks employ a number of analysts both inside and o

Why Does the Government Need Federal Income Tax?

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Every year, the U.S. president and Congress collaborate to create the federal budget. The government needs to take in trillions of dollars in taxes each year to pay for a host of federally funded programs. Income taxes pay for budgeted programs such as low-income housing assistance and national defe

Regular IRA Limits

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An Individual Retirement Account is a specialized, tax-advantaged investment account that lets you purchase almost any type of investment that you could in a regular taxable investment account. However, an IRA is heavily regulated in terms of contributions, withdrawals and age limitations. You could

How Does a Lottery Winner Determine Taxes?

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Lottery winnings are taxableWhen one wins the lottery, the gigantic number displayed as the grand prize will never be the actual amount received by the winner. Lottery winnings are subject to federal income tax, and considering the size of most lottery winnings, the federal tax is usually...

Should You File A Tax Return?

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Do you ever wonder whether your income is high enough to warrant the filing of a tax return? Because the minimum income level varies depending on filing status, age, and the type of income you receive, it can be a bit complicated. The following guide is based on minimum income requirements from tax

How to Write Off a Business Loss for the IRS

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Any business investment that shows a loss financially can be written off during tax time. You must have proper documents and receipts to prove that you lost money in order to decrease or eliminate the amount of tax you owe the IRS. Certain business expenses such as rent, mortgage payments, insuran

How to File for Property Tax Reduction

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Taxes are unavoidable. There are sales taxes, income taxes and property taxes. Every year, in addition to paying the IRS, you must also pay real estate taxes. The amount you pay is dependent on the value of the property. That is, when property values go up, property taxes go up and vice versa. Howev

Legal Steps To Stop Paying Taxes

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Ever wondered if there is a way to pay zero property tax? It is sometimes a pain on the part of real property owners to pay huge sum for their property investments. However, as a law abiding citizen,

How Much Taxes Are Taken Out of My Gross Income?

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If you take a look at your pay stub, you will most likely find that your gross pay and your net pay differ significantly. Your gross pay is what your employer actually pays you for the job you do, but by the time the federal, state and local governments get done taxing those earnings, you are left w

How to Find Tax Tips & Discounts

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The Internal Revenue Service offers a multitude of tax savings and discounts to offset the final payment amount charged to any tax payer. Unfortunately, locating these types of tips and savings be difficult. Finding these discounts may require a bit of ingenuity, but it can be accomplished.

How to Write Off Margin Interest

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In a brokerage margin account, investors can borrow money to pay for a portion of stock investments. The borrowed money is referred to as a margin loan and the broker charges interest on any outstanding loan balance. Margin interest is categorized as an investment interest expense and can be used as

Video: How to Deduct Volunteer Charity

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Video Transcript Hi, I¡¯m Tom Choisnet, enrolled agent; and here we are going to talk a little bit about volunteer charity. I didn¡¯t cover it in the earlier segments on charity but it is worthy to know because while your time itself is not deductible, you can build up a pretty good...

How to File a Blank Tax Return for the Canada Revenue Agency

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Canadians who earned no income in a calendar year are not required to file a tax return with the Canada Revenue Agency for that year. However, you may still want to file a blank return, the most common reason being that your spouse is filing a return and wants to claim you as a dependent. Other reas

HMRC Do Not Give Money Away - Umbrella Company Contractors Beware!

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HMR&C do not give money away... In fact they are known for quite the reverse so why do some umbrella companies advise their employees that they can claim a daily amount for subsistence without the need for receipts or, in some cases, expenditure. If your umbrella company has been allowing you to cla

Money Making Ideas for 14-year-olds

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There are a number of jobs kids age 14 can do to make money. They can be entrepreneurs and, if they take a businesslike approach, earn a lot of money. But they can also get jobs in retail stores, offices and other locations. Before starting any business, kids need parental permission and supervision

How to Check on Louisiana Tax Refund

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If you have money coming back on your Louisiana state income tax return, you want to get your hands on that money as soon as you can. Fortunately, the state of Louisiana provides a way for residents to check the status of their tax refunds online. This online refund status access makes it easier for