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.
One way to reduce your tax bill this year is to donate appreciated stock to a charity of your choice versus writing a check. This part of the tax code provides a tax benefit to you in two ways:
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.
Tracking Home Improvements – Your best defense to a potentially expensive tax surprise in your future is proper record retention.
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.
The best filing status for you depends upon which status you can qualify for and your particular circumstances. Tax savings are only one consideration when selecting your filing status.
Tax Breaks – Realize that in tax planning, the earlier you start, the more effective your tax-cutting efforts will be.
The IRS is reporting that it will be comparing filed 1099-Ks against income reported on business tax returns