Most people worry about filing taxes close to the end of the year, also around April 15. Tax saving strategies are available for you, however, if you wait until the last minute to utilize these strategies, they may not work well, or they may not be available at all. Here are 5 things you can do to prepare for filing taxes to get the best refunds.
Are you self-employed? Then Tax Day comes with an extra task for you. If you gain income from your business, even if it is a side gig, freelancing or contract work, then you need to estimate your taxes for the following quarter. In the U.S. Tax system, there is a pay-as-you-earn deal. If you do not have an employer that is withholding taxes from your paycheck, then you have to own up to the IRS as you make money throughout the year!
What is FICA and how do you calculate it?As an entr...
Deducting childcare expenses
Did you know that if you have a child or children 12 years old or younger and pay for daycare while you work or while you are looking for work, you may be eligible for a childcare tax credit? This credit is called the child and dependent credit.