Every year, between January 1 and April 15, one must file tax returns with the federal government. To aid them with determining the amount of taxes owed for each applicant, the federal government uses income tax brackets to determine the effective tax rate.

The Social Security Act, passed passed 86 years ago, is a key component of retirement income for nearly all individuals. Social security insurance also provides a safety net should a worker become disabled or a family lose their breadwinner.

Unlike tax evasion, there are a few legal ways to reduce your taxable income to keep as much of your hard-earned money as possible. Some of these tips may be a little late for the 2021 tax season, but they will be useful for the upcoming 2022 tax season.

The Internal Revenue Service (IRS) has decided to begin taxing cryptocurrency profits as many did not report having crypto assets, leading to them understating their income and the amount of taxes paid.