From early January to mid-February, you might receive a number of tax documents in the mail. They can range from expected W-2s from your employer to forms about mortgage interest you paid. One form that many people don’t expect is the 1099-C. Discover why you would receive such a form and what the IRS expects... Read More

The post 1099-C: What You Need to Know about the Cancellation of Debt Tax Form appeared first on Credit.com.

Inheriting a home or other property can increase the value of your estate but it can also result in tax consequences. If the property you inherit has appreciated in value since the original owner purchased it, you could be on … Continue reading →

The post How to Avoid Paying Taxes on Inherited Property appeared first on SmartAsset Blog.

The federal government will take a big tax bite out of your $1 billion Mega Millions payout. Your state might, too.

NOTE: Due to the COVID-19 coronavirus pandemic, the IRS has extended the federal tax filing and payment deadline to July 15, 2020. The recent relief package passed by Congress may have additional tax implications. Please contact a tax adviser for information you may need to complete your taxes this year. Learn More. Note: This article is... Read More

The post What Is a 1099-C Cancellation of Debt Form and How Does it Impact Your Taxes? appeared first on Credit.com.

Every year, people’s lives change in ways that affect their taxes. They may start a higher education program or have a child, and others take on elderly parents as dependents. These situations can change their eligibility for tax credits. In … Continue reading →

The post A Comprehensive Guide to 2020 Tax Credits appeared first on SmartAsset Blog.

The weather is turning, fall is in the air, and Halloween is around the corner—which means it’s National Cybersecurity Awareness Month. How can you ensure October is full of treats while not falling for any scammers’ tricks? By arming yourself with these identity protection tips. Every American should understand the basics of identity theft protection.... Read More

The post Don’t Get Tricked: Identity Protection Tips You Need appeared first on Credit.com.

With control of both the House and Senate in Democratic hands, President Biden will be able to get more of his tax agenda through Congress. Here's what could happen in the next four years.

As of December 27, 2019, the IRS had received a whopping 155,798,000 tax returns during the year. A bit over 138 million of those were filed electronically, with almost 60 million electronic tax returns filed by individuals handling their own taxes. Whether you intend to be a self-preparer in 2021 or not, it’s a good... Read More

The post What You Should Do Now to Prepare for Tax Season 2020 appeared first on Credit.com.

Taxes can take a big bite out of your income, especially if you’re in a higher income tax bracket. And even with careful planning, it’s possible that you could still be hit with an unexpected tax bill. The good news … Continue reading →

The post Strategies for Avoiding and Reducing Taxes appeared first on SmartAsset Blog.

How easily veterans adjust to their lives after service depends on many factors, not the least of which is their ability to maintain adequate finances to cover their home payments and daily needs. There’s good news for vets on that … Continue reading →

The post Best States for Veterans – 2020 Edition appeared first on SmartAsset Blog.