Income Taxes | The TurboTax Blog

How to Use Market Losses to Reduce Your Taxes

May 20, 2020 June 4, 2020 / Jim Wang

Every 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 News

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

April 9, 2020 May 28, 2020 / TurboTaxBlogTeam

These are unprecedented times and many Americans are struggling financially. Unemployment rates have been steadily increasing with more than 16 million Americans filing for unemployment within three weeks ended April 4th and more and more people are finding themselves furloughed...

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Tax Planning

What is Payroll Tax?

March 13, 2020 / TurboTaxBlogTeam

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 July 11, 2019 / Jim Wang

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 July 8, 2019 / asbbaines

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 and How Is It Taxed?

July 24, 2017 July 8, 2019 / Ginita Wall, CPA, CFP®

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 July 12, 2019 / Jim Wang

For 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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Income and Investments

Freeze Your Tights … and Other Surprising Ways to Save [Infographic]

February 8, 2017 July 12, 2019 / TurboTaxAngie

Most of us know that only purchasing things we need instead of things we want can go a long way in meeting our budget goals. But did you know there are a number of unexpected ways to save money that...

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Income and Investments

What Your Tax Bracket Says About You [Infographic]

October 6, 2015 July 11, 2019 / TurboTaxAngie

What tax bracket you are in says a lot about your life. But no matter which category you fall into, it is important to know where you stand for the upcoming tax season. This infographic will give you an overview of...

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Tax Deductions and Credits

Is This Tax Deductible? Bizarre Tax Laws

March 12, 2015 July 12, 2019 / TurboTaxLisa

Tax season is in full swing and taxpayers are trying to figure out how they can maximize their tax refund with tax deductions. You want to take legitimate tax deductions and you already may know about your common tax deductions...

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The Tax Deadline is July 15th. Find out more information here.

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