The penalty for not filing taxes (also known as the failure to file penalty, or the late filing penalty) usually is 5% of the tax you owe for each month o...

Generally, PPP funds can be used for four purposes: payroll, mortgage interest, rent/lease, and utilities. Payroll should be the major use of the loan. Th...

If you file a complete and accurate paper tax return, your refund should be issued in about six to eight weeks from the date IRS receives your return. If ...

You can download your Form 1099-R by logging into your account online: You can also call them and request that they send a copy of your Form 1099-R at (88...

The amount of state and local income tax you pay will depend on how much income you earn and the tax rate of the state or locality where you live. To find...

You will have a tax bill for the amount of gains above $250,000 or $500,000 if you’re married. This type of gain is taxed at the capital gains tax rate. T...

line 4b You’ll most likely report amounts from Form 1099-R as ordinary income on line 4b and 5b of the Form 1040. The 1099-R form is an informational retu...

Both traditional and Roth retirement plans offer considerable tax benefits. For traditional retirement plans, you get a deduction now for your contributio...

If your child is a full-time college student, you can claim them as a dependent until they are 24. If they are working while in school, you must still pro...

If you didn’t get the full amount of the first or second Economic Impact Payments, you may be eligible to claim the 2020 Recovery Rebate Credit and must f...