Tracking your expenses could help you save money at tax time. But it’s essential that you keep receipts and documentation to back up each expense and justify your deductions if necessary. See the full TurboTax article for tips to organizing receipts and expenses to make taxes easy.
Working hard all year to help your company meet its annual goals deserves a reward, and you’ve definitely earned that bonus. But bonuses count toward your income for the year, so they’re subject to income taxes. To learn how much tax you can expect to pay on your bonus—and for tips on reducing your tax liability, see the full TurboTax article.
The term “tax bracket” refers to the highest tax rate charged on your income. Under the federal income tax system, different rates apply to different portions of your income. So people in, say, the 25 percent tax bracket don’t actually pay 25 percent of their income in taxes; rather, the last dollar they earn is taxed at 25 percent. To find out more, see the full TurboTax article.
The United States uses a progressive tax system, which means different portions of your income are taxed at different rates. To learn more about this system and how it impacts your taxes, see the full TurboTax article about tax brackets.
If you find yourself dreading tax season after a year of pounding out college reports on your computer, take heart—you may be able to get back the cost of that computer on your income taxes. The IRS publishes specific requirements for educational expenses and a computer often qualifies. If it doesn’t qualify under the credit, you still may be able to list it as an itemized deduction on your taxes. Read the full TurboTax article to see how that’s done.
Before you climb that first rung of the career ladder, there are some basic rules to understand about income taxes. Think of it as Taxes 101. See the full TurboTax article for details.
What’s the difference between gross and net income? Watch this TurboTax tax tip video with tax and Lyft expert Lisa Skelly to better understand your 1099-MISC and 1099-K tax forms and gross income and expenses vs net income.
For more help in preparing and filing your self-employed tax return, visit TurboTax Self-Employed!
~~~Video Transcript~~~
Hi, this is Lisa Skelly, one of the tax and Lyft partner-experts here at TurboTax and I’m going to talk to you a little bit about gross income versus net income. Now your business will have gross income and net income. So, the gross income is going to be the total of all the 1099-K and 1099-MISC that you’ve entered in. The next thing that you’ve entered in is all of your expenses. Now you take the gross income you’re going to subtract the expenses and that’s going to give you your net business income. That’s the amount that you’re taxed on. Not the gross, but the net.
TurboTax CPA, Lisa Lewis shares 5 end of year tax tips to help save you money at tax-time. Find out how expenses like your home, charitable giving, and medical expenses can help you get a bigger tax refund!
The key to tax planning near the end of the year is simple – defer income and accelerate expenses if either is going to save you money on your taxes.
Check out the TurboTax Blog for some important year-end tax tips that you can take advantage of until December 31st to help you save on your taxes!
Are you in line for a bonus at work? Lucky you! But don’t count on the entire bonus amount appearing in your paycheck. We all know that federal taxes will be taken out for part of your bonus, and your state may want some as well.
The same is true of other supplemental wages you receive, including overtime, vacation pay, back pay, commissions and even taxable fringe benefits.
Bigger tax refund? Or money per paycheck? See how many withholding allowances you should take to boost your tax refund — or your take-home pay. Check out the TurboTax W-4 withholding calculator and other tax tools at TurboTax.com!
There’s no catch with TurboTax Absolute Zero® - Check out this TurboTax Customer Testimonial to learn more.
Expenses That Are Tax Deductible When Working From Home
If you work from home, you may be entitled to some normally unavailable tax breaks, such as deductible interest expenses, rent, utilities and your home office. Watch this tax tip video from TurboTax to learn more!
If you financially support a child, a parent, a relative or even a friend, you may be able to claim them as a dependent on your taxes and take an exemption. Watch this TurboTax tax tip video to learn more.
With the average tax refund being close to $2,800 last tax season, we’re hearing the common tax season question: “Where’s My Refund?” Here’s how to check your tax refund status - from the TurboTax Blog team.