Does Pennsylvania Tax You When Selling a Home in 2023? + FAQs
Do you own a home, an apartment, or another type of real estate property in the Keystone State? Local and state-level real estate legislation can affect closing costs if you do and plan to sell it. Learn which laws and rules Pennsylvania has implemented to tax you on the sale of a home, how these […]
How Car Allowances are Taxed: All-Inclusive Guide for 2023 + FAQs
An employer provides car allowances to cover the lease or purchase of a vehicle for business purposes or the maintenance of an employee’s current vehicle when used for business. Allowances can be paid monthly, quarterly, or yearly, and the car allowance amount will typically depend on the amount you’re expected to drive, the type of […]
4 Best Ways to File Back Taxes in 2023 + Penalties & FAQs
Nobody wants to be in debt, especially not for tax reasons. Back taxes add additional stress to those already under financial burden. The task of paying back taxes may feel daunting at first, but there are several ways to remedy the situation. Gain a better understanding of how back taxes work, how to file back […]
How Real Estate Capital Gains Taxes Work in New York + FAQs
When selling a home or another type of real estate property in New York, it is essential to understand local and state taxes. Tax Shark can help you navigate capital gains taxes in New York and help you understand how they affect your closing costs after selling a property. What is the Capital Gains Tax […]
W-9 Explained in 2023: All You Need to Know + Tips & FAQs
The IRS Form W-9 is one of the most common tax forms. Its primary purpose is to confirm the identity (e.g., full name, address, taxpayer identification details) of a person receiving income from another person (the requesting entity). Become familiar with Form W-9 and the IRS regulations concerning it, learn who needs one, how to […]
Does New York Tax You When Selling a Home in 2023 + FAQs
When selling a home or other type of real estate property in New York, it is essential to fully understand all applicable local and state taxes. New York’s transfer taxes are among the largest closing costs when selling a property, making it crucial to know how much you owe to the local and state governments […]
Does Illinois Tax You When Selling a Home in 2023? + FAQs
If you own a house or another real estate property in the Prairie State and are thinking about selling, it is crucial to understand how local and state laws can affect your net proceeds. Learn how real estate taxes in Illinois work, how it compares with other states, and how to report your home sale. […]
Are Lawsuit Settlements Taxable by the IRS in 2023? + FAQs
Winning a settlement in a personal injury case, divorce settlement, or civil suit can help you get back on your feet and compensate you for the harm you suffered. You can use your settlement to pay medical bills and other case-related expenses and support yourself while you recover or rebuild your life. You may wonder, […]
How to Fill Out W-4 with 1, 2, 3, or 4+ Dependents in 2023 + FAQs
IRS Form W-4 is a document used by your employer to calculate the federal income taxes to withhold from your paycheck. The amount your employer withholds depends on the number of dependents you claim on your W-4. The more dependents you have, the fewer taxes withheld from your paycheck, resulting in a higher take-home amount. […]
Form W-4: How Many Allowances Should I Claim?
Your employer has just handed you a new tax form titled Form W-4 and you are unsure where to begin. Tax forms can be complicated, but knowing which tax allowances you can claim is essential to allow you to comfortably pay your income tax to the federal government. How many tax allowances should you claim […]
