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The TurboTax Blog > Income Taxes

Income Taxes

Whether you’re looking for information on how bonuses are taxed, what income is taxable, or how to save more of your income TurboTax has you covered.

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Tax News

Tax Tips for Unemployment Income If You’ve Been Laid Off or Furloughed

September 11, 2020 (Last Modified: December 27, 2020) / TurboTaxLisa
Tax Tips for Unemployment Income If You’ve Been Laid Off or FurloughedThis content is for the first coronavirus relief package, The Coronavirus Aid, Relief and Economic Security Act (The CARES Act), which was signed into law in March 2020. For information on the Coronavirus Response and Relief Supplemental Appropriations Act of...

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Income and Investments

How to Use Market Losses to Reduce Your Taxes

May 20, 2020 (Last Modified: June 4, 2020) / Jim Wang
How to Use Market Losses to Reduce Your TaxesEvery so often, the stock market goes through periods of volatility. When Coronavirus first appeared, it hit the market very hard. Within days, the market had entered into a correction and then into a bear market. But almost just as...

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Tax Planning

Payroll Tax Defined ( What It Is & How Much Is It)

March 13, 2020 (Last Modified: November 17, 2020) / TurboTaxLisa
Payroll Tax Defined ( What It Is & How Much Is It)If you’re an employee you’re probably used to getting a regular paycheck every week or twice a month, but you most likely don’t pay attention to what’s being deducted from your income unless you see a change or fluctuation in...

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Tax Planning

What is a Tax Bracket?

August 15, 2018 (Last Modified: July 11, 2019) / Jim Wang
What is a Tax Bracket?Did you know not everyone or every dollar earned is taxed the exact same amount? This is because the United States tax system aims to be progressive. A progressive tax system tries to collect more tax from those who earn...

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Income and Investments

Bonus Time: How Bonuses Are Taxed and Treated by the IRS

November 9, 2017 (Last Modified: July 8, 2019) / asbbaines
Bonus Time: How Bonuses Are Taxed and Treated by the IRS

Bonuses can change your tax situation depending how large the bonus and what methods employers use to tax the income. Find out how bonuses(supplemental income) are taxed.

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Income and Investments

What Is Supplemental Income? (Meaning & Definition)

July 24, 2017 (Last Modified: November 17, 2020) / Ginita Wall, CPA, CFP®
What Is Supplemental Income? (Meaning & Definition)Are you in line for a bonus at work? Lucky you! But don’t count on the entire bonus amount appearing in your paycheck. We all know that federal taxes will be taken out for part of your bonus, and your...

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Tax Planning

Did You Owe Taxes in Two States This Season? We Explain Why

June 26, 2017 (Last Modified: July 12, 2019) / Jim Wang
Did You Owe Taxes in Two States This Season? We Explain WhyFor the longest time, I thought I only had to pay taxes based on where I lived. If I spent the whole year in Maryland, I’d only owe Maryland taxes, right? Wrong. If you thought the same thing, you aren’t...

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Tax News

Happy Trivia Day! 5 Bizarre Tax Facts You Probably Don’t Know About

January 4, 2015 (Last Modified: August 23, 2019) / TurboTaxBlogTeam
Happy Trivia Day! 5 Bizarre Tax Facts You Probably Don’t Know AboutYou may know about deductions for education, work expenses and children. But there are a whole slew of little-known tax facts that will probably surprise you! In honor of Trivia Day, we’re sharing 5 of our favorite little-known tax facts....

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Tax Planning

What Tax Forms Do I Need To File My Taxes?

February 21, 2014 (Last Modified: March 24, 2014)
The first step to starting any tax return is to gather all the right tax documents to ensure you have all your information ready when you sit down to do your taxes. With this TurboTax Tax Forms calculator, just answer some...

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Income and Investments

What Income is Taxable and Non-Taxable?

February 25, 2013 (Last Modified: September 6, 2017) / Jim Wang

Our tax system is straightforward in the sense that you pay taxes on taxable income. How much you pay will depend entirely on the type of income you receive. Most income is taxable income but there are some examples of non-taxable income and we’ll look at both.

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