While most of us are never audited, when it happens it can feel a lot like a lamb thrown in the room with a lion.
If you want certain individuals to receive property from your estate, there may be advantages to making those gifts while you are still alive.
Wouldn’t it be nice to have a source of nontaxable income? Listed here are several income items that the IRS does not tax.
Are you planning to use your vacation home soon? If you’re not going to use it, have you considered renting it?
The following is an overview of several recent tax proposals discussed or introduced in Congress over the past several weeks.
Be aware that important tax consequences are often associated with some fairly common events involving your home.
A recent tax law change by this edition of Congress now requires transaction reporting to the IRS for anyone receiving more than $600 in payments through digital payment tools like PayPal, Venmo, and CashApp.
There are big moments in everyone’s life. A new birth is one of them. The irony is that most life events also have tax consequences attached to them.
There are a few income-producing events that the IRS has said are not taxable. One of them is renting out your home or vacation property.
FICA tax is a combination of a Social Security tax and a Medicare tax. The Social Security tax is assessed on wages up to $147,000; the Medicare tax is assessed on all wages.