Fox Business Tax Tips

This episode explains how divorce affects tax filing status and child dependency claims for the entire year if finalized by December 31st.

This episode explains the eligibility requirements and limitations for deducting high medical expenses on taxes, including the 7.5% threshold and exclusions.

This Fox Business Tax Tip explains how individuals affected by natural disasters can claim tax breaks against their income without waiting until next year.

This episode provides tips on preventing income tax identity fraud, including filing early and using IRS identity protection pins.

This episode emphasizes the importance of meticulous record-keeping and saving receipts for small business expenses to comply with tax requirements and avoid issues with tax authorities.

This episode explains that gig workers must report earned income on tax returns and pay self-employment tax, which includes both halves of Social Security tax totaling an additional 7.65% of wages.

This episode explains how cryptocurrencies are taxed similarly to stocks, emphasizing the importance of disclosing crypto transactions and maintaining accurate records for tax purposes.

This Fox Business Tax Tip explains how to claim tax deductions for elder care expenses, including costs for care facilities and long-term care insurance premiums as medical expenses on Schedule A.

This Fox Business tax tip explains that cash tips must be reported to the IRS as taxable wages subject to income and social security taxes, with reporting obligations for both employees and employers.

This episode provides essential tax deadline reminders for the 2024 return, including filing dates, extension procedures via Form 4868, and important payment advice from a CPA.

This episode provides expert advice on how long to keep old tax returns and supporting documents for potential audits.

This episode explains how quickly taxpayers can expect their income tax refunds, with CPA Bill Dendy noting it typically takes a few weeks if filed electronically with direct deposit, and advises checking the IRS website for status updates.

This episode warns about tax season scams, explains that the IRS never makes threatening phone calls, and provides tips for handling suspicious communications.

This episode explains recent changes to the child tax credit, including its return to $2,000 per child, reduced refundability, and potential legislative updates affecting tax filings.

This episode provides a tax tip update on IRA and 401k contribution limits for different age groups, with deadlines and maximum amounts explained.

This Fox Business tax tip explains IRS rules for deducting home office expenses, including exclusive work use requirements and a simplified method for self-employed individuals.

Host Hilary Varsky presents tax tips for business owners, focusing on deductible expenses.

This episode explains when estate taxes apply to inheritances, noting that most families won't owe them unless receiving large estates or retirement accounts.

This episode explains the penalties for not filing taxes if you owe money and clarifies that you must file to receive a refund.

This episode explains how 529 plans help save for college, including state-specific rules and tax deductions.

This Fox Business tax tip explains how to determine payroll withholding taxes based on factors like medical expenses that reduce taxable income.

This episode explains how buyers of new electric vehicles may qualify for tax credits, which dealers can apply as price reductions, and advises clarifying credit details with dealers.

This episode explains how employers can withdraw or refund wrongly claimed employee retention credits from the pandemic without penalties, with advice from a tax expert.

This episode explains tax loss harvesting as a strategy to lower taxable income by selling investments at a loss and deducting those losses from taxes.

This episode explains how the IRS taxes cryptocurrencies as property, covering reporting requirements, capital gains distinctions, and implications for employees paid with digital assets.

This Fox Business tax tip explains the marriage penalty, where dual-income married couples may pay more taxes, but notes CPA Bill Dendy says it's no longer relevant for most due to current standard deductions.

This Fox Business tax tip explains how charitable donations can provide tax deductions, including rules about itemizing, income limits, and documentation requirements.

This episode provides tax tips on avoiding IRS audits by filing correctly, including all income like 1099 forms, and consulting tax professionals when needed.

This episode warns listeners about IRS impersonation scams, explaining that the IRS never cold calls, texts, or emails, and provides tips from cybersecurity expert Adam Levin on how to verify communications and report fraud.

This Fox Business tax tip explains the key differences between employees and gig workers regarding tax forms, IRS classification criteria, and eligibility for benefits and deductions.

This episode explains how to use increased estate and gift tax exemptions in 2024 to reduce taxes and pass on wealth tax-free.

This episode explains how to claim charitable deductions on 2023 tax returns, covering differences between standard and itemized deductions and specific limits for individuals and couples.

This episode provides essential tax filing tips for individuals who divorced in 2023, covering filing status, W-4 adjustments, and dependent claims.

This episode explains how to decide between taking the standard deduction or itemizing deductions on your taxes, with insights from CPA Bill Dendy on when itemizing might be beneficial.

This episode provides urgent tax filing advice for the final day to submit 2023 federal tax returns, explaining extension rules, payment deadlines, and penalties.

This episode explains the eligibility requirements and key details of the child tax credit for families with dependent children under 17.

This episode explains that only certain energy-saving home improvements qualify for tax credits in 2024, with CPA and tax attorney Alan J.

This episode provides tax tips from a CPA on how to avoid IRS audits by properly reporting all income, maintaining good business records, and understanding the difference between business expenses and hobby losses.

This episode explains that unemployment benefits are taxable income at both state and federal levels, with advice from a CPA on tax withholding and reporting requirements.

This episode provides practical tips from cybersecurity expert Adam Levin on protecting your tax return from hackers, including filing directly with the IRS, avoiding public Wi-Fi, and obtaining a PIN code.

This episode discusses when individuals should consider hiring a CPA instead of handling their tax returns themselves using DIY methods or software.

This episode explains tax deductions available for those caring for elderly relatives, including dependent care expenses and medical expense qualifications.

This episode explains how holding stocks for over a year qualifies for lower long-term capital gains tax rates compared to short-term gains, potentially saving investors up to 17%.

This episode explains when you need to file a tax return based on income thresholds and the penalties for failing to file, including late fees and interest.

This episode explains two key tax credits—the American Opportunity Tax Credit and Lifetime Learning Credit—that students and parents can use to reduce education expenses.

This episode explains required minimum distributions (RMDs) from retirement accounts like 401ks and IRAs, including the withdrawal age of 73, tax implications, and exceptions for Roth IRAs.

Taylor Riggs, co-host of The Big Money Show, presents a Fox Business Tax Tip on managing health insurance and taxes.

Hillary Barsky hosts a Fox Business Tax Tips episode on home sales.

This Fox Business Tax Tips episode addresses Tax Day deadlines and procedures.

This Fox Business Tax Tips episode focuses on municipal bonds, explaining their tax advantages.