taxes

The American tax system is complex. It’s also ineffective: our tax rates are high, yet our budget deficit is even higher. Add to that the failing state of many school systems, infrastructure, and health care accessibility in our country, and the whole question becomes even messier.

Also, how and why has the American tax code grown to 74,608-pages long? Even Certified Public Accountants can’t stay up-to-date with the ever-growing code requirements.

So what gives? What is wrong with the American tax system and how does it disproportionately tax the middle class? [Read more…] about What is Wrong With the American Tax System for the Middle Class?

Did you know that the average American pays around $5,000 in taxes every year? While the exact amount depends on income and various other factors, it’s important to do what you can to save money.

Self-employment taxes can be especially complicated. If you don’t know exactly what you’re doing, then you could end up losing a lot of your hard-earned cash.

Are you trying to better understand the IRS regulations in this area? Keep reading to learn tactical tips for how to file your freelance taxes. [Read more…] about How to File Your Freelance Taxes

Are you trying to find concrete tax deduction examples? Do taxes make your head spin? You’re not alone in your confusion. Research shows that a staggering 52% of Americans find the tax-filing process frustrating and stressful.

As the adage goes, death and taxes are the only two certainties in this life. While most of us know the strategies associated with prolonging our lives (eating well, building sustainable friendships, moving our bodies regularly), many people flounder when it comes to managing their taxes. [Read more…] about Top 6 Tax Deduction Examples You Probably Didn’t Know About

When it comes to taking a home office deduction on your annual taxes, there are two ways to do it—a  simplified home office deduction or a regular deduction. 

• With the simplified option, you use the square footage of your home office space (up to 300 square feet) and multiply it by $5 per square foot for a deduction of up to $1,500.
• With regular method, you use precise calculations that allow you to deduct expenses such as mortgage interest, insurance, utilities, taxes, repairs and more.

So, the question becomes, do you qualify to take a home office deduction? If so, which one should you use? Let’s dive in. [Read more…] about Claiming a Simplified Home Office Deduction During COVID-19