Crowdfunding is a method used to raise money through websites by soliciting contributions from numerous people. Contributions may be solicited to fund businesses or projects, for charitable donations, or for private gifts. The contributions are solicited by the people establishing the crowdfunding campaigns or by crowdfunding organizers. However, many people do not know that the […]
Tag: taxes
How to Prevent Costly Mistakes on Your Tax Return
If you make any mistakes on your tax return, you can end up owing even more money. This means you might miss out on the full refund you claimed. From interest and penalties to an audit from the IRS, tax-related issues on your return can open the door to many consequences. However, you can take […]
How Do S Corporations Work?
S corporations are entities that can pass corporate income, losses, deductions and credits through to shareholders for federal tax purposes. Shareholders report the flow-through of income and losses on their personal tax returns and are assessed a tax at their individual income tax rates. The Tax Cuts and Jobs Act (TCJA) also gives S corporation […]
Tax and Homeownership
One of the most significant tax benefits you as a homeowner will enjoy is arguably the mortgage interest deduction. This is applied to the interest you pay on your mortgage for your primary place of residence, though it may also apply to your second home or vacation home. For more insight into the specifics of […]
Is Your Withholding Correct?
All year long, employers withhold income tax from the paychecks of their employees. Each paycheck is distributed to you after your employer has taken out a portion of your paycheck to pay the IRS on your behalf. At the end of every year, your employer will send you a document called Form W-2, Wage and […]