Category Archives: Income
If you’ve inherited an IRA from a parent, sibling, or anyone other than your spouse, the withdrawal rules are undergoing a significant change. Starting in 2025, you may need to adjust your financial strategy to avoid a hefty tax penalty. What’s Changing for Inherited IRAs in 2025? The IRS has finalized its guidance for […]
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If you plan on selling investments in 2025, you need to know about one of the most powerful tax-saving tools available: the 0% long-term capital gains tax bracket. Yes, you read that right. It’s possible to realize significant profits from your stocks, real estate, or other assets and pay a federal income tax rate of […]
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If you use payment apps like PayPal, Venmo, or Stripe, or sell on online marketplaces, a major tax reporting change is here for the 2024 tax year. The IRS has significantly lowered the reporting threshold for Form 1099-K, meaning millions more Americans will receive this form in 2025. This guide breaks down what the new […]
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Tax-loss harvesting is a powerful and often underutilized investment strategy. By strategically selling investments that have decreased in value, you can significantly reduce your tax liability on investment gains and potentially your ordinary income. This comprehensive guide will walk you through what tax-loss harvesting is, how it works, and how to implement it effectively to […]
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Not every dollar you receive is considered taxable income by the IRS. Understanding the difference between taxable and nontaxable income is crucial for effective financial planning and can save you a significant amount of money during tax season. The taxability of your income depends on specific IRS rules and regulations. To help you identify what […]
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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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