Tax Credits vs. Tax Deductions: What’s the Difference?
Tax credits and tax deductions can both help lower your tax bill, but they don’t work the same way. A tax deduction reduces your taxable income, while a tax credit reduces the amount of tax you owe...
View Article9 Ways to Lower Your Tax Bill
It’s easy to ignore taxes before tax season rolls around, but if you’d like to pay less next season, you may need to be proactive throughout the year, not just in April. Whether you’re wondering how...
View ArticleWhat Is a 1099 Composite Form?
A 1099 composite is a single tax document your brokerage or financial institution sends that bundles multiple investment-related information returns into one package. It is not an official IRS form...
View ArticleAre Tariff Refunds Taxable? What Businesses and Importers Need to Know
If your business imports goods, you’ve probably heard about the ongoing debate over certain International Emergency Economic Powers Act (IEEPA) tariffs and the possibility of tariff refunds. After the...
View ArticleCan You Lower Your Tax Bill After Filing?
Filed your tax return and still owe more than you expected? You may still have options. If your return has an error, you may be able to lower the tax itself by filing an amended return. If the return...
View ArticleHow to Earn Passive Income and What It Means for Your Taxes
Updated for tax year 2025 If making money with minimal effort is a dream of yours, passive income just might be the answer. But what exactly counts as passive income? Let’s look at the different ways...
View ArticleHow IRS Penalties and Interest Work
If you owe the Internal Revenue Service (IRS) after the filing deadline, the IRS may add two types of charges to your tax bill: penalties and interest. IRS penalties are fees for missing a tax...
View ArticleWhat to Do With Your Tax Refund: 9 Smart Ways to Use It in 2026
Got a tax refund this filing season? You’re not the only one. According to IRS filing data, the average refund during the 2026 filing season was over $3,200 (as of early May 2026). For many taxpayers,...
View ArticleGuide to Social Security Taxes
Social Security benefits are crucial to many Americans’ retirement plans, providing a safety net that helps ensure financial stability in their golden years. But are Social Security benefits subject...
View Article7 Ways to Pay Your Income Tax Bill
If you owe taxes after filing your individual income tax return, the IRS offers several payment options to help you take care of your federal income tax balance in a way that works for you. Whether...
View ArticleState Income Tax vs. Federal Income Tax: What’s the Difference?
State and federal income taxes share many similarities, but they serve different purposes and are administered by different levels of government. Let’s explore the definitions of each to help you...
View ArticleIRS Payment Plans: The Basics
Updated for tax year 2025. If you find that you owe a significant amount of money to the government when filing your income tax return, you may not be able to pay the full amount right away. The...
View ArticleStates With No Income Tax
Updated for tax year 2025. While most U.S. states levy a personal income tax, a few do not have a state-level individual income tax. Whether you live in one of these states or are comparing places to...
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Form 1099-OID: What It Is and How to Use It
When tax season rolls around, the tax forms you receive paint a detailed picture of your finances during the tax year. If Form 1099-OID found its way into your mailbox this year, it’s important to...
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Filing Form 990: A Guide for Nonprofit Organizations
Taxes aren’t anyone’s favorite topic, but for nonprofit organizations, staying compliant with Internal Revenue Service (IRS) regulations is essential. IRS Form 990 is crucial for maintaining your...
View ArticlePayPal Taxes: How PayPal IRS Reporting and 1099 Rules Work
Using PayPal® makes sending and receiving money easy, whether you’re splitting dinner, running a small business, or getting paid as a freelancer. But when tax season rolls around, some PayPal users...
View ArticleWhat Happens If You Don’t File Taxes?
Updated for tax year 2025. It’s easy to put off your tax filing, especially when life gets busy. But if you miss the tax deadline (usually the Tax Day due date is April 15) and don’t file your federal...
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Venmo Taxes: What You Need to Know Before You File
Sending money through Venmo® is quick and casual, but when tax season rolls around, things can get complicated. Whether you’re splitting dinner, running a small business, or dabbling in crypto, it’s...
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Schedule D: Your Guide to Reporting Capital Gains and Losses
If you happened to trade stocks, cash out cryptocurrency, or sell real estate or other capital assets during the tax year, you may need to file some new tax forms this year. Specifically, there’s a...
View Article7 Organizational Tips to Make Tax Filing Easy
There are often two types of tax filers: Those who neatly file their tax information and receipts away in color-coded file folders in preparation for tax season and those who scramble to gather all...
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