Why Are Taxes Important
Photo Courtesy: Paul Giamou/Getty Images If you’re a working American citizen, you most likely have to pay your taxes. And if you’re reading this article, you’re probably curious to know what exactly you’re paying for. We’ll break down everything you need to know about paying taxes — why are they important? What are you paying […]
What You Need to Know About the IRS 1040 Form
Pexels License/rawpixel.com/Pexels In December 2017, the Tax Cuts and Jobs Act was passed in the United States. This law made significant changes to the US tax structure. The new IRS Federal Tax Forms 1040 Form released by the IRS reflects these changes. Don’t know how your tax filing may change for the 2018 tax year? […]
What Does TREAS 310 Misc Pay Mean on Your Bank Statement?
Photo Courtesy: jacoblund/iStock While finding extra money in your bank account is never a bad thing, it’s only natural to wonder how it got there. Sometimes, the funds may be from a mysterious sender that appears on your bank statement as “TREAS 310.” While it might be a little disconcerting to see a seemingly random […]
What Is a Taxpayer Identification (TIN) Number?
Photo Courtesy: mediaphotos/Getty Images Each year, tens of millions of people in the United States file tax returns. With so many people to keep track of — many of them with similar names, birthdates and addresses — it could be pretty difficult for the IRS to keep up with who’s who and ensure the correct […]
What Is Payroll Form 941, and How Does It Affect Your Taxes?
Photo Courtesy: BartekSzewczyk/iStock If you’re wondering about why there’s such a wide variety of tax forms available from the IRS, you’re not alone. There are hundreds of them — literally — and it’s not always clear what they’re for and why you might need to file them. While there are probably some, like the 1040 […]
What Is an EIN Number and Why Is it Important for Taxes?
Photo Courtesy: Dan Retea/iStock When you start a small business, there are plenty of documents to complete and applications to file. One of many important documents you may need for your small business is a letter from the IRS establishing the employer identification number, or more commonly known as an EIN, of your business. An […]
What Are Income Taxes?
Photo Courtesy: skynesher/iStock Taxes may not be the most exciting financial topic, but they’re definitely important. In the United States, federal and state governments need money to provide certain services and benefits that we wouldn’t otherwise have access to, from Social Security payments to local environmental projects. The way these governments obtain that funding is […]
How Do I Use AARP’s Free Tax-Preparation Services?
Photo Courtesy: @AARP/Twitter It’s no secret that prepping your taxes can get a little complicated, and being retired can make the situation doubly confusing when it comes to what you owe and how you file. But there are bright sides to the situation, too: The IRS offers special tax breaks for people over a certain […]
Everything You Need to Know
Photo Courtesy: ljubaphoto/Getty Images A trust is a legal arrangement in which someone with assets (called a trustor) asks another person (called a trustee) to hold and manage those assets — which often include bank accounts, investments, real estate and corporate holdings — for the benefit of one or more third parties (called beneficiaries). In […]
What to Do If You Didn’t Get One
Photo Courtesy: Prostock-Studio/iStock The third stimulus check, or Economic Impact Payment, was money that millions of Americans eagerly awaited while weathering the financial ups and downs of the COVID-19 pandemic. Unlike the relatively quick rollout of the initial two stimulus checks that were issued during the earlier months of the global health crisis, some Americans […]