What are the income taxes for the self-employed? As a self-employed individual, you are responsible for paying self-employment tax (SE tax) in addition to your income tax. SE tax is a social security and Medicare tax that applies to the net earnings you receive from your self-employment activity. Self-employment tax is calculated on your net […]
What happens to my taxes after I die? When you die, your estate (the property and assets you leave behind) may be subject to federal estate tax. The federal estate tax is a tax on the transfer of property at death, and it applies to the value of your estate above a certain threshold, which […]
How does my income taxes affect my social security? Your income taxes do not directly affect your Social Security benefits. However, the amount of Social Security benefits you receive may be subject to federal income tax, depending on your total income and filing status. The Social Security Administration (SSA) determines your monthly benefit amount based […]
Do I pay taxes on unemployment income? Yes, unemployment compensation is taxable income and must be reported on your federal tax return. You will receive a Form 1099-G showing the total amount of unemployment compensation you received during the year, and you will need to include this amount on your tax return. State unemployment compensation […]
What income taxes do I pay when I sell my house? If you sell your primary residence, you may be able to exclude all or a portion of the gain from the sale from your income for tax purposes. This exclusion is available to individual taxpayers who meet the ownership and use tests for the […]
Can I do income tax without exemptions / deductions? Yes, it is possible to do your income tax without claiming exemptions or deductions. Exemptions and deductions are two types of adjustments to your taxable income that can reduce the amount of income tax you owe. However, you are not required to claim exemptions or deductions […]
What income Tax is there for senior citizens? In the United States, senior citizens (individuals who are age 65 or older) may be eligible for certain tax breaks and credits that can reduce their tax liability. These tax breaks and credits can include: It’s worth noting that these tax breaks and credits are available to […]
Will income taxes ever go down? Income taxes can go down for a variety of reasons, such as changes in tax laws or changes in an individual’s circumstances that result in a lower tax liability. It is also possible for income tax rates to be reduced as part of a broader policy change by a […]
What income tax return do I file? The income tax return form you need to file depends on your personal and financial situation. In the United States, the most commonly used tax forms are: In addition to these forms, you may also need to file other schedules or forms depending on your specific circumstances. You […]
Where is the income tax office? Our local Prominent Financial Consultants office can help you with most major issues in your personal or business taxes. Under special circumstances, you may have to visit an IRS income tax office. Income tax offices are generally located in major cities and towns in most countries. In the United […]
