Is Your Side Hustle a Hobby or a Business?
As reported via IRS Tax Tip 2023-61 on 5/3/2023
Sometimes the line between having a hobby and running a […]
An Offer in Compromise Can Help Certain Taxpayers Resolve Tax Debt
As reported via IRS Tax Tip 2023-58 on 4/27/2023
When a taxpayer can’t pay their full tax […]
Understanding Digital Asset Reporting and Tax Requirements
As reported via IRS Tax Tip 2023-45 on 4/5/2023
All taxpayers that filed a 2022 tax year […]
How to Treat Tips for Tax Purposes
As reported via IRS Fact Sheet 2022-37 in October 2022
Tip income is taxable and must […]
Key 2024 Inflation-Adjusted Tax Amounts for Individuals
The IRS recently announced various 2024 inflation-adjusted federal tax amounts that affect individual taxpayers.
Most of the federal income tax […]
11 Exceptions to the 10% Penalty Tax on Early IRA Withdrawals
If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one […]
What You Need to Know About Restricted Stock Awards
Restricted stock awards are a popular way for companies to offer equity-oriented executive compensation. Some businesses offer them instead of stock option awards. […]
Facing a Future Emergency? Two New Tax Provisions May Soon Provide Relief
Perhaps you’ve been in this situation before: You have a financial emergency and need to get your hands on some cash. You consider taking money out of […]
Are Scholarships Tax-Free or Taxable?
With the rising cost of college, many families are in search of scholarships to help pay the bills. If your child is awarded a scholarship, you may […]
Tax Implications of Renting Out a Vacation Home
Many Americans own a vacation home or aspire to purchase one. If you own a second home in a waterfront community, in the mountains or in a […]
