How To Fill Out Schedule C If You’re Self-Employed

If you're self-employed, work as a freelancer or contractor, or have a side gig, you are a business. And that means you'll need to fill out Schedule C as part of your federal income tax return. When you use Schedule C, you can deduct business expenses against the money you earned to lower your income... and lower your tax bill. Your tax software will do all of the math for you – but you still have to enter all the correct information. After all, the tax software has no idea how much you spent on office supplies unless you tell…

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How To File Your Taxes For FREE In 2021

How to File Your Taxes for FREE in 2021

Want to file your taxes for free? You can... but you'll want to make sure you don't end up paying to "free-file." There are a lot of free tax prep programs available…and there are many that start out as free but then hit you with fees when it’s time to file. Here we’ll take a look at which options are really free, and whether they make sense for you. If Your Income Is $72,000 or Less  If your income is $72,000 or less, the easiest place to find legit 100% free tax filing software is the IRS website’s Free File…

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3 Ways You’re LOSING Money By Getting A Big Tax Refund

3 Ways You’re LOSING Money by Getting a Big Tax Refund

Updated for 2021 Most of us celebrate getting a huge tax refund – we have big plans for that money every year. We act like getting that big chunk of change is a good thing, but it’s not. In fact, you actually lose money by giving the Federal government an interest-free loan every year. According to the IRS, the average tax refund for tax year 2019 was $2,549, which works out to $212 a month. But if you put that money to work for you instead of lending it to them, you could end up with a much bigger pile…

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Two Education Tax Credits Put Big Money Back In Your Pocket

Two Education Tax Credits Put Big Money Back in Your Pocket

UPDATED FOR 2021 Paying for college is crazy expensive - even when it's mostly online. And if you’re footing the bill for more than one education, your finances are probably stretched pretty thin. Two tax credits can help put more money back in your pocket: The American Opportunity Tax Credit and the Lifetime Learning Credit. And the more generous of the two credits - the AOTC - chops $2,500 per student off your tax bill. Plus, a pretty big portion of that tax credit is refundable – meaning if you don’t owe any taxes, you can get cash back. If…

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8 Things Debt Collectors CAN’T Do

8 Things Debt Collectors CAN’T Do

Your quick guide to successfully dealing with debt collectors Please Note: This article may contain affiliate links. If you click on those links, I may receive compensation.   If you’re being hounded by debt collectors, keep reading. Collectors run the spectrum from annoying to predatory. Those constant calls can create a permanent knot in your gut and keep you stuck in anxiety and stress. Debt collectors prey on all of the negative feelings you have about being in debt. They can make anyone feel like a criminal and a deadbeat. All they care about is meeting their quotas with no care…

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