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Should We Employ Our Own Kids? (and How Much to Pay Them)

Way back in 2015, I had a nine year old boy. Even back then, I could see him showing some early flashes of adulthood and maturity, and it got me wondering about his future as it relates to money and freedom. So I wrote a post called What I’m Teaching My Son About Money, which shared some […]

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What Do I Need to Know If I Haven’t Filed My Taxes Yet?

Like most people, I haven’t filed my taxes yet. I’m busy. I haven’t even started getting organized. If you’re like me, whatever your reason for not filing yet. It’s really not a big deal. We have until April 15 after all. But, waiting until the last minute to file our taxes means we might be rushed…. Read More

The post What Do I Need to Know If I Haven’t Filed My Taxes Yet? appeared first on Credit.com.

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A Comprehensive Guide to 2020 Tax Credits

Every year, people’s lives change in ways that affect their taxes. They may start a higher education program or have a child, and others take on elderly parents as dependents. These situations can change their eligibility for tax credits. In … Continue reading →

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Does Paying Taxes Late Affect Credit?

NOTE: Due to the COVID-19 coronavirus pandemic, the IRS has extended the federal tax filing and payment deadline to July 15, 2020. The recent relief package passed by Congress may have additional tax implications. Please contact a tax adviser for information you may need to complete your taxes this year. Learn more. It’s a good… Read More

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Effective tax rates in the United States

I messed up! Despite trying to make this article as fact-based as possible, I botched it. I’ve made corrections but if you read the comments, early responses may be confusing in light of my changes.

For the most part, the world of personal finance is calm and collected. There’s not a lot of bickering. Writers (and readers) agree on most concepts and most solutions. And when we do disagree, it’s generally because we’re coming from different places.

Take getting out of debt, for instance. This is one of those topics where people do disagree — but they disagree politely.

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Schedule E (Tax Form 1040) Instructions – Supplemental Income & Loss

If you earn rental income, receive royalties, or have income from a pass-through entity such as a partnership or S corporation, you’ll need to complete IRS Schedule E when you file your taxes. Reporting supplemental income can be confusing but the form itself is pretty simple. Learn how to complete it here.

Schedule E (Tax Form 1040) Instructions – Supplemental Income & Loss is a post from Money Crashers.

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1099-C: What You Need to Know about the Cancellation of Debt Tax Form

From early January to mid-February, you might receive a number of tax documents in the mail. They can range from expected W-2s from your employer to forms about mortgage interest you paid. One form that many people don’t expect is the 1099-C. Discover why you would receive such a form and what the IRS expects… Read More

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How to Avoid Paying Taxes on a Savings Bond

Savings bonds can be a safe way to save money for the long term while earning interest. You might use savings bonds to help pay for your child’s college, for example, or to set aside money for your grandchildren. Once … Continue reading →

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Joe Biden’s Tax Plans for the Next Few Years

With control of both the House and Senate in Democratic hands, Joe Biden will be able to get more of his tax agenda through Congress. Here’s what could happen in the next four years.