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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A custodial parent is the parent with whom a child primarily lives. A non-custodial parent is the parent who does not have primary custody of the child. The custodial parent typically has the right to claim the child as a dependent on their tax return, and as such may be eligible for certain tax benefits […]
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The Form 1040, also known as the “U.S. Individual Income Tax Return,” is the primary form used by taxpayers to report their annual income and tax liability to the Internal Revenue Service (IRS). Every year, the IRS releases updated versions of the Form 1040 and its associated schedules and instructions, to reflect any changes in […]
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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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Don’t be alarmed if you receive a letter from the Internal Revenue Service; it may indicate that money is owed to you and has to be claimed. Over 9 million Americans are still owed stimulus payments, the Earned Income Tax Credit, or the Child Tax Credit, according to a 2022 IRS announcement. The IRS wants […]
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A rule announced by the Biden administration will make it simpler for families with at least one member who receives health insurance from a job to qualify for Affordable Care Act subsidies that lower monthly rates. If a person qualifies for affordable employer coverage that complies with minimum coverage requirements, they are not eligible for […]
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The Inflation Reduction Act contains a number of different modifications that affect the cost of EVs, including income restrictions and car price constraints. The choice of whether to purchase an electric vehicle right away or wait a few months might cost buyers thousands of dollars. The Inflation Reduction Act, a significant tax, healthcare, and environmental […]
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The Affordable Care Act, also known as Obamacare, included the premium tax credit at its inception to assist Americans of lower and middle incomes in paying for health insurance obtained through the healthcare marketplace, HealthCare.gov or a state exchange. By using the credit to reduce the cost of health insurance, more people are able to […]
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