calculator, pen, and sheet of financial figures and calculations

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 […]

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 […]

Tax planning documents and need help note

What Is An 8862 Tax Form?

Article Summary: Form 8862 is a document that the Internal Revenue Service (IRS) requires taxpayers to complete to reclaim certain refundable credits that were previously reduced or disallowed once the situation has been resolved. It must be attached to the taxpayer’s tax return if they wish to receive the credit again in the future—though there […]