A number of rebates are given by the government to new parents. These rebates can be quite useful since raising a child in this economy can make a major dent in any parents’ bank account. However, not many are aware how they can avail these tax rebates when they have a child.

Recently, many people have taken up freelancing. Working on a freelance basis gives the comfort of working from home. The number of freelancers is steadily on the rise across the globe. No wonder that freelancing opportunities are increasing with higher payrolls. Though, the nature of work is flexible for the freelancers, but, it is not very different from working full time.

Gift tax is one of the most frequently ignored forms of taxes by individuals. A gift tax is best referred to as the tax imposed on an asset or commodity that has been given to a friend or relative other than the spouse. However, the process of imposing gift tax can be complicated at times.

Every person dreams of owning a house someday. However, owning a house requires applying for loans and mortgage. Once approval for loans and mortgage is received, new homeowners have to start the process of re-payments. Although these re-payments are often liabilities, they can also qualify new homeowners for several tax breaks.

No one loves taxes, but they are unavoidable. People have been paying taxes since quite a long time now. The modes of tax payment may have evolved over time but paying taxes and filing returns are important obligations, although these are quite tedious tasks. Despite this, there are several interesting facts associated with taxes, both historically as well as in the present time.

Thinking that a donation will always be tax deductible is one of the biggest wrong assumptions made by most people. This assumption arises from the fact that most people do not understand how charity and taxes are related. It is a complicated process but can be managed with some basic knowledge and an understanding of tax in your state.

After working for nearly all their lives, most people look forward to a peaceful and hassle-free retirement. The lack of deadlines and work pressures does make things easy for retirees, but the flip side of a retired life is that the income reduces drastically. Also, if the state where you have retired to has unfriendly tax laws, then your savings will be further impacted.

According to the Internal Revenue Service (IRS), every year, billions of tax refunds are kept unclaimed from the state. While some people are still wondering why you can increase your chances of getting a tax refund with these 7 simple tips. Claim all tax benefits that you qualify for If you want to win this race, you need to grab the opportunity as it comes.

Making mistakes with tax returns is not uncommon since the process of filing is complicated and sorting out taxes for one financial year takes a lot of calculations. It comes as no surprise that most people take the help of tax experts to file their taxes to avoid any issues with the IRS.

Tax havens are countries where taxes are levied at lower rates compared to the home country. Most rich people transfer their money to tax havens to conceal their actual incomes while saving heavily on taxes. There are close to 80 countries that have incredibly low to almost no taxes. American billionaires go to these countries in order to open offshore bank accounts and shell corporations.

Filing tax returns and paying taxes on time is essential to avoid any action from the IRS. Although most of the taxes levied by the federal government or any state government are used for development expenditure, there are certain types of taxes that seem very ludicrous. Here are some of the 11 oddest things that have been taxed through the years.

After filing their tax return, many wait for their refund check. Tax refund checks are usually received within three weeks of filing the returns. The average amount received by most people is about $3000. This is a substantial amount of money that can be put to good use. Here are 13 different ways to use tax refund money smartly.