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How to Report Foreign Pension Income

December 15, 2020 By Joe Wallace Leave a Comment

How to Report Foreign Pension Income

Do you know how to report foreign income on your federal tax returns? The Internal Revenue Service has specific requirements for reporting this type of income on your IRS tax forms. What follows is NOT tax advice--you will need to consult a trained tax professional to discuss how you should approach the latest tax laws. You should also know that tax law changes every year and you’ll need a tax professional or an IRS representative to help you … [Read more...]

Filed Under: budget, credit reports, debt reduction, education, taxes Tagged With: income, IRS, IRS.gov, pension income, tax information, taxation, taxes

Is Patreon Money Taxable?

November 17, 2020 By Joe Wallace Leave a Comment

is patreon money tax deductible

Is Patreon money taxable? Before reading any further, be advised that this article is NOT tax advice, nor should it be construed as such. Consider this some basic information that is meant to help you ask the right questions of a tax professional or help you in your own research of official IRS publications that address the issue or the state equivalent of such taxation resources. What Is Patreon? Patreon is a crowdfunding platform. The … [Read more...]

Filed Under: charity, debt reduction, income stream, taxes Tagged With: federal tax, IRS, local tax, patreon, state tax, taxation, taxes

How To Cut Your Tax Bill By Donating

May 12, 2020 By Joe Wallace Leave a Comment

How To Cut Your Tax Bill By Donating

Do you want to know how to cut your tax bill by donating? This is a question asked every year at tax time, but the answer tends to change frequently because the United States tax code changes on a regular basis. Deductions allowed last year may not be permitted this year, and vice versa. What follows IS NOT TAX ADVICE. If you have tax questions, consult a qualified tax professional or search the IRS official site for answers to specific … [Read more...]

Filed Under: "stuff", budget, economy, government, taxes Tagged With: charitable deductions, IRS, tax deductions, tax season, taxes

What to Do If You Forget to File Taxes

October 23, 2018 By Susan Paige Leave a Comment

tax

What to Do If You Forget to File Taxes I am not sure how you would forget to file taxes, but if you do, there are steps to remedy the offense. Here is a rundown of what to do if you have indeed forgotten to file taxes or were thinking of skipping out on this basic part of financial life. Hint: it’s not a good idea, but it can be fixed. Do Not Panic First thing’s first. Understand that the IRS very rarely pursues criminal action. It … [Read more...]

Filed Under: taxes Tagged With: taxes

Where does your paycheck go?

May 5, 2014 By Megan Smith 5 Comments

where does your paycheck go

A young friend recently got her first “real” job and was very excited at the prospect of her huge, enormous paycheck.  And sometime during this celebration, she learned that taxes would be taken out of her paycheck.  Never mind that she somehow made it to her mid-20’s without realizing this, but when she asked me how much would be taken out, I told her that a rough estimate I like to use when I’m calculating pay is that you will take home around … [Read more...]

Filed Under: retirement, taxes Tagged With: paycheck deduction, take home pay, taxes, where does your paycheck go

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