What is the Capital Gains Exclusion?
The capital gains exclusion is an IRS tax provision that allows you to exclude a certain amount of your capital gains from your taxable income. For example, if you have a capital gain of $10,000, you can exclude $3,000 of it from your taxable income.
Capital gain on a home sale is the difference between the selling price of your home and the original purchase price, plus any improvements you made to the home. The capital gains tax on your home can have a big effect on how much profit you ultimately bring in from selling your home and/or property.… Read the rest
Electric vehicle tax credits can be highly valuable, but there are a lot of confusing rules regarding how they work. This guide will show you what you need to know about tax credits on plug-in electric vehicles. It will also answer some of the most common questions people have.
How Much are Electric Vehicle Tax Credits?
All-electric and plug-in hybrid vehicles bought new in or after 2010 may be eligible for a $7,500 federal income tax credit.
The amount of the credit will vary depending on the capacity of the battery used to power the car.… Read the rest
Employers are obligated to send out W-2 Forms by January 31st, or the next business day if it falls on the weekend or a public holiday.
But that doesn’t mean you have to receive it by that date. This can be highly frustrating if you just want to file your taxes and get the whole process over and done with.
That’s why services the W-2 Finder were created. You can get an electronic copy free of charge, so that you can get started on your taxes as early as possible.… Read the rest
2021 is coming to an end, and you may be wondering when you can file taxes in 2022?
While you may be looking forward to the holiday season, keep in mind that tax season officially kicks off soon after it ends.
So, When Does Tax Season Start in 2022
The Internal Revenue Service has set the opening day for the 2021, 2022 filing season as Monday, Jan. 24, 2022. That’s when the IRS will start accepting and processing 2021 tax year returns.… Read the rest
IRS Form 1040 is the basic tax form many Americans will use. However, it also recently received an overhaul.
The new Form 1040 will now be the size of a postcard with 1040EZ and 1040-A removed from circulation entirely. However, there are a variety of new schedules, so you need to be aware that you don’t need to give less information; they’ve just been moved to other forms.
So, let’s look at where you can find IRS Form 1040 and instructions.… Read the rest