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Individuals

Become more tax savvy with the help of our Tax Tips

Individuals

Filing an Amended Tax Return in 6 Steps

An amended tax return is a formal document that a taxpayer may file to correct a tax return from the preceding year. It’s generally used...

5 min read

Individuals

When Are Taxes Due? Tax Day Deadlines 2019-2020

As tax season approaches, it's important to make sure you're filing on time.

2 min read

Individuals

How to Calculate Student Loan Interest Deduction

In this article, we’ll discuss exactly how to calculate your student loan interest deduction so that you can speed up...

5 min read

Individuals

8 End of Year Tax Tips to Maximize Your Return

Here are some specific year-end tax tips that will help you make the most out of your return:

5 min read

Individuals

7 Rules for Claiming Dependents on Taxes

Under official IRS rules, qualifying dependents can take on any number of forms. But in order to claim someone as your dependent...

5 min read

Individuals

The 10 Most Overlooked Tax Deductions You Need to Know

Here's a handy list of some of the most commonly overlooked tax deductions. 

5 min read

Individuals

8 Things to Know About Divorce and Taxes

If you’re filing for divorce, or find yourself recently divorced, it’s imperative that you understand how your changing marital status...

5 min read

Individuals

I'm freelancing, how do I pay my taxes?

Freelancers generally find they have a more difficult tax situation than most employees.

1 min read

Individuals

When can I file my taxes?

The processing of your return will be declared by the IRS whenever they say. The IRS stated that the 2018 tax season opened on January 29th.

1 min read

Individuals

Are there benefits to filing early?

For practical reasons, filing early generally reduces your stress levels at tax time.

1 min read

Individuals

When do I get my tax refund?

Since a refund takes much longer for paper filers, the IRS and tax professionals recommend electronic filing.

1 min read

Individuals

6 Tips for Avoiding an IRS Tax Audit

Learn how to avoid an IRS Tax Audit with Taxfyle.

5 min read

Individuals

8 Steps to Take If You Have a Tax Problem

When you encounter a tax problem of any variety, here are a few steps you can take to resolve it.

5 min read

Individuals

What are tax withholdings?

If you are an employee, you have certainly noticed the taxes taken from your paycheck every month.

1 min read

Individuals

Tips for How to Calculate Income on Your Rental Property

Own a rental property? As you know, the IRS requires you to report the rent you collect and pay income tax on those amounts.

6 min read

Individuals

Filing an Extension on Your Taxes: What You Need to Know

Whether you'll be filing an individual tax return, a business tax return, or a combination of both, this can be a stressful time of year.

3 min read

Individuals

What is the Standard Deduction?

The Standard Deduction allows you a deduction even if you have no expenses that qualify for claiming itemized deductions.

1 min read

Individuals

Can I deduct my state taxes?

Deductible taxes include state and local income tax or sales tax, property tax paid during, and any other mandatory tax charged.

1 min read

Individuals

7 Tax Tips to Maximize Your Refund

Seven ways to maximize your refund this tax season.

5 min read

Individuals

What happens if I file after the deadline?

The penalty for filing late is normally 5 percent of the unpaid taxes for each month or part of a month that a tax return is late.

1 min read

Individuals

What are tax credits?

Credits are generally created to encourage and reward certain behaviors that have been deemed beneficial by the government.

1 min read

Individuals

Unsure What You Will Get Back This Year? Here is How to Calculate Your Tax Refund

Learn how to estimate your tax refund using the Taxfyle calculator. Find out what information you need to estimate your income tax refund.

2 min read

Individuals

Can I deduct my medical expenses?

Beginning Jan. 1, 2019, all taxpayers may deduct only the amount of qualified medical expenses that exceeds 10% of their AGI.

1 min read

Individuals

Should I itemize my deductions?

To see if one should itemize their deductions depends if their allowable itemized deductions exceed the standard deduction for the year.

2 min read

Individuals

If I got a letter from the IRS, what do I do?

The first step is always to read the notice, then review the information and compare it with your original return.

1 min read

Individuals

What is my filing status?

Selecting the correct filing status can be the first important step when properly reporting your tax return.

3 min read

Individuals

How Much Should I Withhold?

In order to avoid an underpayment penalty, the government expects to have received a certain amount of money depending on several factors.

1 min read

Individuals

What are sales taxes?

A sales tax is a direct tax on the purchase of goods and services that many states and local governments enforce.

1 min read

Individuals

How much do I have to earn to file taxes?

A couple of factors have to be determined before you can properly determine whether you are below the income thresholds to file a return.

1 min read

Individuals

When is the last day to file taxes?

Without an active extension in place, the last day to file your tax return is the original due date for the return.

1 min read

Individuals

What is a tax extension?

The IRS offers an automatic six-month extension to file your taxes known as Form 4868 (Form 7004 for businesses).

1 min read

Individuals

How to file taxes?

When filing taxes for yourself or for your business, it's good to start by knowing what form you will be filing.

1 min read

Individuals

How long do you have to keep tax records?

Every tax return and supporting forms should be kept. These include 1099s, expense tracking, W-2s, and other documents.

1 min read

Individuals

How am I taxed on crypto currencies?

Generally the IRS will treat convertible virtual currency as property using established tax principles applicable to property transactions.

3 min read

Individuals

What is Adjusted Gross Income (AGI)?

If you have ever prepared your own returns you have probably noticed AGI. AGI is basically your total gross income less specific deductions.

1 min read

Individuals

Does buying a house help with taxes?

Buying a home is a huge investment, and knowing the tax implications attached to this decision can be invaluable.

4 min read

Individuals

Where is My Federal Tax Return? Find Out Where Your Refund is Now!

After you submit your federal tax return to the Internal Revenue Service, you wonder when you can expect your refund.

1 min read

Individuals

Small Tax Refunds... Big Problems

As you've probably already heard from your favorite news sites, there are some changes in tax refunds this year.

2 min read

Individuals

Why Was My Refund Delayed?

While everyone appreciates a timely tax refund, there are a few situations that might cause a return to be delayed.

3 min read

Individuals

Your tax refund, the government shutdown, and the IRS

We would like to bring some facts to light that could have an impact on your finances as we start the new year.

1 min read

Individuals

2018 Tax Deadlines

As Tax season approaches, we want to make sure you have your taxes filed on time.

1 min read

Individuals

What happens if I get audited by the IRS?

The best suggestion when dealing with an auditor in person would be to remain polite and organize all requested information beforehand.

1 min read

Individuals

What if I can't afford to pay my taxes?

The IRS will agree to work with you to set up a payment plan so the liability can be paid off with minimal hardship.

2 min read

Individuals

What should my withholding be to not make a payment at tax time?

Determining the exact amount of withholdings you should be making in order to avoid any payment at tax time can be difficult to determine.

1 min read

Individuals

When should I get an accountant to help file my taxes?

There are a number of situations that would prove hiring a professional worth while.

1 min read

Individuals

I'm married, but can I file my taxes married filing separately?

Married couples always have the option to file separately if they wish, however, the question in this scenario is why would they want to.

1 min read

Individuals

What if I don't pay my taxes?

If you file your taxes but don't pay them, the IRS will charge you a failure-to-pay penalty.

1 min read

Individuals

Why do I have to pay taxes?

If you owe taxes, it’s the result of your income exceeding your deductions and quarterly payments for the year.

2 min read

Individuals

What are Social Security Taxes?

A Social Security tax is the tax used to fund the Social Security program, which is levied on employers and employees.

1 min read