Eligibility for Social Security benefits is primarily based on your work history and your age. Typically, these retirement benefits are available to individuals who have contributed to the Social Security system through payroll taxes during their working years, and you can start receiving Social Security as early as age 62. But what happens if you decide to delay your benefits? It might work out even better for you!

As a business owner, there may be times throughout the year when you want to show appreciation for your clients. Scheduling a business lunch or dinner together can be a great way to treat them and celebrate your working relationship. Plus, when you understand the tax code, you might be able to deduct the expense of that meal from your business tax return. Here’s what to know.

Everyone loves prizes! But when it comes to prize taxability, you might end up sharing some of your winnings with the IRS. Understanding the implications of banking a big win can help you prepare when tax season comes.

In the eyes of the IRS, your annual income has two different categories: earned income and unearned income. This is important because your money will be taxed at different rates depending on where it’s coming from. Sound confusing? Let’s break it down!

Having to juggle medical bills along with everything else in your family’s spending can be pretty challenging. So when those medical expenses start piling up, you need to know how to protect your budget. Exploring your options with a health savings account (HSA) is usually a great place to start!

Whether you’re on the verge of saying "I do" or have just recently celebrated your journey into marriage, there are some crucial tax insights that every newlywed needs to know. If you want to navigate the tax landscape with confidence—and make informed financial decisions along the way—then you’ll definitely want to cross these items off your list!

Optimizing your tax situation requires proactive planning and a keen understanding of the ever-evolving tax landscape. There’s also the question of the rising and falling interest rates. If you aren’t roughly aware of the events that can trigger shifts in your own tax situation—and the ways you can boost your savings—you might be missing out on a few helpful perks when it’s time to file!

Once the tax season is well behind you, there’s usually a sense of relief! But that isn’t always the case. Encountering a tax return error can raise a lot of questions, starting with whether an amended return will even be necessary.

Everyone should be paid what they’re rightly owed. Unfortunately, bad debt still happens. If you’re in this type of situation, the tax ramifications can go one of two ways. They’ll either work in your favor to lower your tax liability. Or you could end up in an even worse situation. It all depends on whether you’ve done your “homework.” Follow these tips to figure out whether you’ll qualify for tax relief!

Receiving a tax refund can be a great financial boost for many people. Once those funds come through, you’ll immediately have some extra cash to either spend or save. However, deciding how to utilize the funds can be challenging, and you’ll need to consider all of your options if you want to make the most of things.

Most people will file their tax return without any issue. But that doesn’t mean you’ll be immune to a tax audit. If you’re facing extra scrutiny with your return, then it’s important to have a plan of action. Following the right steps can help you get everything sorted out—and put your tax liability back on track.

Meeting your retirement goals requires a good amount of planning, and like most things in life, the sooner we get started, the better. Whenever you reach a new decade, it’s definitely smart to hit a new checkpoint for your Social Security planning too!

Being able to watch your children grow up is full of twists and turns, and things can get even more fun as they become more independent and start taking on new responsibilities. Along the way, though, the journey of parenthood also requires us to do some careful planning ourselves. The financial implications can get pretty tricky!

When kids are younger, the tax breaks can be a nice kickback. But as they get older, tax prep can get even more complicated. Taking a proactive approach to tax planning is key.

In any given year, approximately 90% of tax returns are filed electronically, and normally everything goes smoothly. But there are still instances when minor issues, or even major problems, can pop up.

You may have had your e-filed tax return rejected immediately because of simple human errors, like mistyping your name so that the taxpayer name doesn’t match the Social Security number on file. That’s easy enough to fix in the moment. Unfortunately, it’s also possible for a tax return to be accepted initially only to be rejected later during processing. This could happen weeks or even months after the return is filed.

You’re a busy working parent. And then summer break starts up again. You might have friends or family helping out with child care during the summer months. But this is also when we have all types of different activities for the kids to try out. If you're concerned about the cost, you may be happy to know that summer camp is not only a great way for your kids to make the most of summer and allow you to keep working, but there are potentials for tax breaks too.

While taxes can seem tricky at times, there are still some easy options for individuals to consistently maximize their benefits and minimize their liabilities. A few specific behaviors can help you navigate just about any complexity with the tax system before it gets overwhelming—especially if you have the right team!

The types of tax forms you need to file your return will arrive in your mailbox at different times. Fortunately, keeping an eye out for each one—and then managing them correctly—doesn’t need to be all that complicated!

Caring for a sick, elderly or disabled person can be challenging both emotionally and financially. You’re already dealing with daily stress. Then there’s the chance that the plans you’ve been making for your future plans will have to change, as well.

Taxpayers often think of early April as the official “tax season,” but it actually kicks off much sooner! The IRS starts accepting tax returns as early as January. You don’t need to wait until spring to file. In fact, there are plenty of reasons why filing your tax return early can be better for you in the long run.

When you own a business, keeping an eye on your incoming revenue and expenses will often be a normal part of your weekly or daily routine. But in terms of tax planning, watching your company’s bottom line alone isn’t enough. There are plenty of other factors in play too!

Looking into two key areas of the business tax code could help you lower your overall tax liability. Every scenario is different, which is why it’s important to have a clear strategy.