American Tax Service

Helping Americans File Their Taxes

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What is Capital Gains Tax on Sale of a Business?

Year in and year out, as a business owner, you pay taxes on what’s called “ordinary income”. When you sell your business, the tax on the increased value of your business is called capital gains tax. This article discusses the definition, calculation, and ways to minimize or eliminate capital gains taxes on the sale of a business.

capital gains tax sale business

What Are Capital Gains Taxes?

When you earn a salary, commissions or business income, you get taxes on the income as it is received.… Read the rest

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How to File Taxes With H&R Block for Free

There are so many free tax filing services online today. The problem is choosing the right one. Not every free tax filing service offers the features and the standard of service you would expect.

H&R Block free tax filing

You require accuracy in your tax returns, and you need to make sure you’re going to receive the biggest refund possible. Even small mistakes can cost you big time in late filing fees, audits, and the refund you receive.

You need to know what you’re getting from a free online tax filing service.… Read the rest

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What Happens if I Cash Out My 401K?

Planning for your retirement is essential. Most people receive a retirement benefit and advice when they join a large company, but even the most stable working conditions can change. Unexpected costs can tempt you to put your retirement savings on hold in favor of access to quick cash.

401 K retirement planCashing out of your 401k is an incredibly risky choice that should only be made under extreme circumstances.

Whether you’re approaching retirement or simply changing jobs, you have probably considered cashing out your 401(k).… Read the rest

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H&R Block Free Tax Filing

h&r block free

H&R Block’s Free Online Tax Filing product is back to make sure taxpayers with simple tax situations are totally covered.

There are some major ways that H&R Block Free is the best option for simple returns.

Not only does H&R Block Free allow you to file Federal and State free, but it also includes more credits and deductions than their competitors.

People who are filing their taxes and want to claim the following tax credits are able to file with H&R Block Free Edition.… Read the rest

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What is the Correct Home Sale Exclusion Amount for Married Couple?

home sold

As a married couple, you can get around some profit from being taxed. It won’t be for the full amount that typical joint filers file of $500,000, which is based on one spouse’s eligibility for capital gains home sale exclusion.

The profit or gain of the home sale will determine whether you owe or not. You can even sell your home for millions and not owe a dime to the IRS if your profit wasn’t more than the allowable amount. If all the gain is avoidable, you will not owe.… Read the rest