Introduction The IRS requires taxpayers to pay taxes throughout the year, either through withholding or estimated tax payments. If you underpay your taxes, you may face penalties and interest...
Introduction Individual Retirement Accounts (IRAs) offer a great way to save for retirement while reducing your tax burden. The two main types—Roth IRA and Traditional IRA—offer different tax advantages,...
Introduction A 401(k) retirement plan is one of the most powerful ways to reduce taxable income and grow wealth for retirement. The IRS updates contribution limits each year, allowing...
Introduction Estate planning is more than just deciding who inherits your assets—it’s about minimizing taxes, preserving wealth, and ensuring a smooth transfer to your heirs. With the right strategies,...
Introduction The Additional Child Tax Credit (ACTC) helps eligible taxpayers receive a refundable credit if they do not qualify for the full $2,000 per child Child Tax Credit (CTC)....
Introduction The IRS requires tax withholding on various types of income to ensure taxes are paid throughout the year. Under IRC § 3402, employers must withhold federal income tax,...
Introduction Artists and creative professionals, including freelance designers, musicians, photographers, writers, filmmakers, and visual artists, often have irregular income, high self-employment taxes, and numerous business expenses. Whether you earn...
Introduction If you are self-employed, an independent contractor, or earn non-W-2 income, you may be required to make estimated tax payments throughout the year. Under IRC § 6654, the...
Introduction The Credit for Other Dependents (ODC) is a non-refundable tax credit designed to help taxpayers supporting qualifying dependents who do not qualify for the Child Tax Credit (CTC)....
Introduction Consultants and coaches—whether in business, fitness, life coaching, or professional development—often operate as self-employed professionals. This means they are responsible for self-employment taxes, business expenses, and estimated tax...