Beverly Bird, Freelance Journalist Profile

Articles

How to File Your Child’s First Income Tax Return

1 month ago | businessandamerica.com | Beverly Bird

The Internal Revenue Service (IRS) wants its share of income regardless of the age of the earner, but different rules can apply depending on age and other factors. You might be wincing at the thought of having to prepare another tax return this filing season because your child earned some money, but there may be a few shreds of silver lining. “We file a return for the kids typically when they start their part-time jobs over the summer or after school,” says Deb Camp, a CPA in Linwood, New Jersey.
The Best States for Small Business Tax Breaks-Is Yours on the List?

1 month ago | investopedia.com | Beverly Bird

Running a successful business requires navigating a complex labyrinth of federal, state, and local rules and regulations. Tax policies are not the least of these burdens given the mix of corporate income tax, sales tax, property taxes, individual income taxes, and unemployment taxes that can be imposed. But, some states are notably more business-friendly than others.
Are You Living in One of the Fastest-Growing Low-Tax States?

1 month ago | investopedia.com | Beverly Bird

People relocate for many reasons, personal and professional, but the latest report from the Tax Foundation on the most popular U.S. destination states suggests three big factors rule: lower cost of living, lower taxes, and plenty of sunshine. Of the top ten destinations in the report, most but not all have comparatively low state taxes. Most have lower housing costs than the East Coast and West Coast states. Seven out of the ten states are located firmly in the Sun Belt.
Tax Savings Strategies for Wealth Transfer

1 month ago | businessandamerica.com | Beverly Bird

Everybody needs an estate plan, regardless of their age, state of health, or even the size of their assets. An estate plan ensures that your money and property go to the people of your choice while minimizing the impact of taxation. Having a plan also will help your heirs access their inheritance faster and more easily. You have numerous options, and one of them should be the best for you and your family.
What You Need to Know About Tax Years 2024 and 2025

1 month ago | businessandamerica.com | Beverly Bird

The Internal Revenue Code (IRC) includes a tax break for charitable giving. However, claiming the charitable contribution deduction is subject to numerous rules. For instance, your donation must be made to a qualifying organization, and the deductions for some contributions are limited. You must also itemize to claim this deduction, but that’s not always the best option for every taxpayer. Learn more about charitable giving rules and how to use these deductions to minimize your tax bill.
New IRS Rules on Paid Family Leave: Essential Updates for New Parents

2 months ago | businessandamerica.com | Beverly Bird

Paid family leave provides workers with income when they’re unable to work due to the birth of a child, among other reasons. It goes hand-in-hand with paid medical leave. The programs offer wage replacement in cases of serious illness or taking care of a loved one who’s suffering from a serious illness as well. The program is set to expire next year, and the IRS issued guidance for some 2025 transitional changes on January 15. Here's what you need to know.
5 Red Flags That Could Trigger an Audit

2 months ago | investopedia.com | Beverly Bird

The good news: The Internal Revenue Service (IRS) reportedly audits less than 1% of individual tax returns each year, according to the Congressional Research Service. The figure was just 0.29% for tax year 2019, the most recent year after the IRS's three-year statute of limitations for audits has expired.
How Much Does a Divorce Lawyer Cost?

2 months ago | thebalancemoney.com | Beverly Bird

Divorce expenses involve a great deal more than what your lawyer will cost you—but paying for your attorney’s services will take up a big part of the overall tab in many cases. A divorce can cost anywhere from a few hundred dollars per person if the couple have an amicable split, to tens or even hundreds of thousands of dollars for a contested divorce.
What Is IRS Form 8027?

2 months ago | thebalancemoney.com | Beverly Bird

Form 8027 reports allocated tips, as well as tips received, to the IRS so the agency can confirm that the right amount of taxes was withheld from employees’ pay. Employers must allocate tips to workers if their total reported tips don’t amount to 8% or more of the restaurant’s gross sales for the month. The 8% allocated tip threshold can be reduced by application to and approval by the IRS, but not be below 2%.
What Is a Contested Divorce?

2 months ago | thebalancemoney.com | Beverly Bird

A divorce can start out as contested, but spouses might resolve their differences through mediation and negotiation without requiring a judge to intercede. The cost of a contested divorce depends a great deal on the complexity of the issues involved, and if and how quickly spouses can reach an agreement on their own.