Small Business Financials

Are you filing your taxes for the first time this year? Filing an income tax return may sound daunting, but the good news is that most teen tax returns are simple to do — you just need to familiarize yourself with some tax basics. Is a teenager required to file taxes? As a taxpayer, you don’t need to file a tax return if you earned less than the standard deduction ($12,950 in 2022). However, if the government owes you a tax refund, you will want to file a tax return to get that money back. If you earned more than $400 by working a job such as babysitting or doing yard work in your neighborhood, like mowing lawns or raking leaves, the IRS considers you to be self-employed, regardless of your age. Because of these filing requirements, you will need to file a tax return to report that taxable income. Another exception to the standard deduction limit is if you earned more than $1,150 in unearned income (typically from investments or interest rather than a job). If, for example, you

We get it; filing your taxes is a chore you’d rather not do. That’s why TaxAct ® makes the tax prep process as seamless and easy as possible — and did we mention you can also file your basic federal return with us for free 1 ? Is TaxAct’s offering actually free? With TaxAct, you have different filing options for different tax situations. Our basic federal sku includes your tax return essentials like W-2 income plus retirement and unemployment income. You can also claim popular tax breaks for dependents and current students like the Child Tax Credit or Earned Income Tax Credit (EITC). In addition, you’ll get the following when you use TaxAct: Free access to Xpert Assist SM – Connect with an actual tax expert who can answer the questions you have about your taxes 2 . Step-by-step guidance – We’ll ask you simple questions and fill out the necessary tax forms for you as you work through our product. Prior year importing – This feature lets you upload a PDF of last year’s 1040

The IRS announced on Dec. 23, 2022, that it would delay the $600 reporting threshold for Form 1099-K that was set to go into effect during the 2022 tax year. Instead, these requirements have been pushed back one year to allow taxpayers more time to prepare for the change. Form 1099-K   is an informational tax document detailing the gross payments for goods and services for all your third-party payment platform transactions. Before this announcement, third-party payment platforms (think eBay, Etsy, PayPal, or Venmo) were required to issue Form 1099-K to all users who had payments totaling $600 or more in a calendar year, with no transaction minimum. Instead, this delay means that the previous reporting threshold of 200 separate transactions totaling at least $20,000 in a calendar year will remain in effect for the 2022 tax filing season. Due to the timing of this announcement, it’s possible companies like eBay or Etsy could still choose to issue a 1099-K for 2022, but it would be u

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If you have questions about student loan forgiveness, you’re not alone — especially after recent court rulings blocking loan cancellation efforts. The Federal Student Aid office is not accepting new loan forgiveness applications at this time, but we’ve provided some common FAQs below for those who still have questions. If the program begins accepting applications again in the future, we will update this page accordingly. In August 2022, President Biden, Vice President Harris, and the U.S. Department of Education announced a plan to forgive up to $20,000 in student loans. If you have student loan debt, you probably have many questions about how this process works and what it means for you, so let’s get you the answers you’re looking for. Why is student loan forgiveness on hold and can I still apply? ***Update: At the end of October 2022, a court order temporarily blocked student loan relief. At the time, the Federal Student Aid office still encouraged borrowers to apply for loan f