Picture this: For the past few years you've prepared your tax return and had a small but welcome refund. Now imagine your surprise when this year, you are required to write a fairly large check to settle your tax bill. So what gives? Here are some situations to watch for that can increase your tax …
taxes
I Owe Tax on That? 5 Surprising Taxable Items
Wages and self-employment earnings are taxable, but what about the random cash or financial benefits you receive through other means? If something of value changes hands, you can bet that the IRS considers a way to tax it. Here are five taxable items that might surprise you: Scholarships and …
Easy-to-Overlook Tax Documents
This year is a little more challenging With tax season now officially underway, here are several tax documents that may be easy to miss in your mailbox or inbox: Child tax credit letter. From July through December 2021, the IRS paid out 50% of projected child tax credit payments to qualified …
