Category Archives: Income
If you’ve inherited an IRA from someone other than your spouse, the rules for taking money out are about to change — and it could affect your taxes. Starting in 2025, the IRS will require many heirs to take annual withdrawals (called required minimum distributions, or RMDs) from inherited IRAs. On top of that, the […]
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If you’re planning to sell investments in 2025, there’s a powerful tax-saving opportunity on the table: the 0% capital gains tax bracket. For the 2025 tax year, single filers with up to $48,350 in taxable income, or $96,700 for married couples filing jointly, may qualify for the 0% long-term capital gains rate. That means you […]
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Each year, millions of Americans receive 1099-K forms from third-party payment platforms like PayPal, Venmo, and Stripe. In 2025, this number is expected to rise significantly as the IRS lowers the reporting threshold for 1099-K forms from $20,000 to $5,000 for this tax filing season, with plans to decrease it further to $600 annually. Taxpayers […]
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Tax loss harvesting is a valuable tool in investment management, often overlooked by many investors. By strategically selling investments at a loss, investors can reduce their tax liabilities, offset gains, and, ultimately, improve their overall portfolio performance. This guide will explain what tax loss harvesting is, how it works, and strategies to make it an […]
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Not all income is taxable, according to the IRS. The taxability of income depends on specific rules, requirements, and regulations. Here are several categories of income that are generally not subject to tax: Life Insurance Proceeds When a beneficiary receives life insurance proceeds after the policyholder’s death, these funds are typically tax-free. However, any […]
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Your side business could result in a tax headache whether you rent out your home on Airbnb, provide guitar lessons and accept payment via Venmo, or sell shoes on eBay. A new law mandating users who earn more than $600 in revenue to receive tax forms from sites like eBay, Etsy, and Airbnb as well […]
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Regardless of whether it came from a business or a pastime, every income earned is taxable. Losses sustained while engaging in a hobby are not generally deductible, whereas commercial losses are. Where you disclose money on your tax return depends on how the gig is categorized. Schedule C, “Profit or Loss from Business (Sole Proprietorship),” […]
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The Social Security Administration (SSA) provides financial assistance to children whose parents are disabled, retired, or have passed away. Last year, the SSA distributed around $3 billion each month to roughly 4 million children to help cover their basic necessities and support them through high school. These benefits are crucial for families who have lost […]
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The Internal Revenue Service reminds taxpayers who receive income from the sale of goods and/or services that they might receive Form 1099-K, Payment Card and Third-Party Network Transactions, in the early part of 2023 if their total payment card and third-party network transactions for the 2022 year exceeded $600. Form 1099-K, has undergone modifications and […]
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Investors in cryptocurrency will possibly face higher taxes due to the Infrastructure Bill which will crack down on future IRS reporting. Investors will be required to disclose yearly cryptocurrency activities by checking a box on their tax returns. Due to the complicated and lengthy rules coming out of Washington, most filers haven’t a clue what […]
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