Person sitting at a table punching numbers into a calculator

Are HOA Fees Tax Deductible?

Article Summary: When it comes to taxes on your hard-earned money, every deduction counts. So are HOA fees deductible on your tax return? The answer’s not as straightforward as you might think. In general, HOA fees are considered a part of your monthly housing costs and are not tax deductible. However, there are some exceptions […]

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Article Summary: Cost basis is the amount of money you spent to buy an asset. This amount usually includes the purchase price, fees, reinvestments, and commissions. Cost basis must be reported on your taxes. Determining cost basis can help you see how much you are making or losing with your investments, and might help you […]

Elderly couple looking and gesturing towards a computer screen

Article Summary: A tax-free retirement account (TFRA) is a special retirement savings account that allows you to collect money from savings and investments without paying tax on the income from the investment or the capital gains. It is a specific program designed by the government to allow people to reach their retirement goals with a […]

Person dressed in black holding a single rose standing in front of a casket

Article Summary: Funeral and burial expenses can add up to tens of thousands of dollars. Unfortunately, they aren’t tax-deductible for most people, but they might be for some estates. Losing a loved one is never easy, and it can be made even more stressful by the financial burden it can place on families. According to […]

Person sitting on floor with legs crossed and papers scattered on floor

Article Summary: In general, credit card interest for personal cards is not tax-deductible. However, the IRS does consider credit card interest tax deductible when it’s for business expenses. That being said, there are ways to reduce credit card interest payments for personal expenses, including transferring debt to a balance transfer card, and using tax refunds […]

Little girl stacking coins on a table

Article Summary: Child support isn’t tax-deductible for the parent that pays it, nor is it taxable income for the parent who receives it. However, there are other tax benefits available that parents might qualify for. When parents go through a divorce, it’s often the case that one parent is required to pay child support to […]

Man with money bag and the word "tax" as head

Article Summary: The IRS organizes certain especially important or frequently needed taxpayer information into a list of tax topics. One of these, tax topic 151, concerns your rights to appeal when the IRS withholds all or some of your tax refund. When the IRS takes such action, called a tax refund offset, it will send […]

1040 form with calculator in back and blocks spelling "Tax Time"

Article Summary: Form 3922 is a form that companies file and issue to employees who exercised stock options under an Employee Stock Purchase Plan (ESPP). Employers use this form when the exercise price was less than 100% of the stock price on the date the option was granted or is not determinable or fixed. The […]

1099 vs w2

Article Summary: W2 employees are protected by labor laws and workers’ compensation insurance. They can have their taxes withheld by employers and obtain employee benefits. 1099 and W9 workers are independent contractors and lack these protections and benefits. If you are getting a job offer, tax forms are going to be a major part of […]

reference material for doing business taxes, pen, pad, glasses, post-it note, laptop

Article Summary: Employees fill out W-4 and W-9 forms, while employers provide W2s. The W-4 form shows how many withholding allowances you claim, plus your tax information. W-9 forms give employers information about workers who are independent contractors. At the end of the year, W-4 employees receive a W-2 form from employers showing how many […]