What is Social Security ? Federal authorities oversee the Social Security program. Social Security is an earned benefit. Taxes put into a trust fund are used by the program to pay payments to qualifying individuals. A Social Security number is required when applying for jobs. What is Social Security Benefits ? Benefits from Social Security … Read more
What is Social Security Disability Insurance (SSDI) ? The United States government’s Social Security Disability Insurance (SSD or SSDI) program is a federal insurance program financed by payroll taxes. It is administered by the Social Security Administration and created to offer monthly benefits to those with a physical or mental handicap that limits their capacity … Read more
What is the Community Development Block Grant (CDBG) ? One of the Department of Housing and Urban Development’s (HUD) longest-running programs, the Community Development Block Grant (CDBG), funds regional community development initiatives with the stated objectives of providing affordable housing, anti-poverty initiatives, and infrastructure development. Unlike categorical awards, which are granted for defined purposes, CDBG … Read more
What is the Federal Student Loan Interest Deduction? A tax deduction lowers your taxable income, which in turn lowers your overall tax obligation. You can deduct student loan interest from your taxable income even if you don’t itemize. College students and their parents who take on debt to pay for their education might benefit from … Read more
What is the Women, Infants, and Children (WIC) Nutrition Program ? The Food and Nutrition Service (FNS) of the United States Department of Agriculture (USDA) administers the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC), a federal aid program for low-income pregnant women, breastfeeding mothers, and young children. By offering assistance throughout a … Read more
What is Form 2106 (Employee Business Expenses) ? The Internal Revenue Service (IRS) provides Form 2106: Employee Business Expenses to individuals so they can claim their ordinary and necessary business expenses. Ordinary expenses are those that are commonly recognized and customary in a given industry, whereas required expenses are those that are necessary for operating … Read more
When an employee leaves their job or has their work hours reduced, the Consolidated Omnibus Budget Reconciliation Act (COBRA), a health insurance program, permits eligible employees and their families to continue receiving the benefits of health insurance coverage. The fundamentals of COBRA, including its operation, eligibility requirements, advantages and disadvantages, and other characteristics, are covered … Read more
What is Standard Deduction ? The portion of your income that is not taxed that can be used to lower your tax liability is referred to as the standard deduction. The standard deduction is a set sum of money that lowers the amount of income that is subject to taxation. The standard deduction reduces a … Read more
What is Form 2439 (Notice to Shareholder of Undistributed Long-Term Capital Gains)? The Internal Revenue Service (IRS) Form 2439 must be given to shareholders by Regulated Investment Companies (RICs), mutual funds, exchange traded funds, and Real Estate Investment Trusts (REITs) in order to report unreported long-term capital gains. Most capital gains must be distributed to … Read more
What Is IRS Form 1099-MISC ? In the United States, Form 1099-MISC is a variant of Form 1099 used to report miscellaneous income. An Internal Revenue Service (IRS) document known as Form 1099-MISC, Miscellaneous Income is used to report various types of miscellaneous compensation, including rent, prizes and awards, healthcare payments, and payments to attorneys. … Read more