It’s a quip you hear often when the lottery jackpot creeps upward: “Sure the jackpot is $40 million, but what do they leave you after taxes?” Honestly, on a jackpot this high, the answer is more than enough. But the exact amount depends on several factors, including your tax bracket. Before you start daydreaming about … Read more
If it seems like the IRS has enough forms and tax return schedules to wallpaper your house, it’s because they probably do. Wading through them can feel overwhelming, but they are all important and serve unique purposes. Forgetting to file a certain form or schedule could delay your refund, so it’s important that you know … Read more
It’s a parents job to support their children, and doing so isn’t cheap. In 2015, the U.S. Department of Agriculture reported that raising a child to the age of 17 costs about $233,000. This figure doesn’t take college tuition into account. Fortunately, the IRS understands that children are amazing but expensive creatures. To help offset … Read more
You may have heard us mention before that the federal income tax is a pay-as-you-go tax. As the name implies, this means that you pay your taxes as you earn income. This is why your employer withholds federal taxes from your paycheck every week. Self-employed people, however, don’t have an employer to withhold taxes for … Read more
