Tag Archives: income
If you try to determine the difference between taxable and non-taxable income, remember one basic fact: All income that is not specifically excluded by law is taxable. In essence, any money you receive in the form of wages or tips for work is taxable. In addition, any revenue you earn from property or services, whether […]
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It’s tax time again. Be sure you’re prepared to file by gathering all the forms and documents you’ll need. Here are the most common things taxpayers use to complete their taxes, starting with the most basic: Last year’s tax return – federal and state. Not a requirement but used to compare what you filed last […]
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Businesses are responsible for recording all their income, even if it’s a cash transaction, and reporting earnings to the IRS, as taxes are required to be paid on all income. If you accept cash, you’re required to have a method of recording these transactions, such as a voucher or cash receipt pad. Many office supply […]
— Read moreContrary to popular belief and what is often portrayed in movies, the IRS isn’t always the bad guy. If you aren’t able to pay the full amount you owe in taxes, the IRS will make arrangements to make repayment easier. Though you should be aware that back taxes or past due amounts will reduce your […]
— Read moreIt can be a great feeling to get a scholarship or grant to help fund your education. A scholarship is typically an amount paid to a student for a specific institution for study. A fellowship grant is similar, except that the money paid can be used for the purpose of study or research. There are […]
— Read moreThose who like to gamble should be aware of how casual gaming can affect your taxes. Any money you win through gambling is fully taxable and must be reported to the IRS at tax time. There are several types of gambling winnings: lotteries, raffles, horse races, and casinos. Along with straight cash winnings, gambling income […]
— Read moreBusiness income is income that is received from the sale of products and services. Business income can include fees paid to a person for their services provided through their regular business, as well as rents received from real estate. Businesses must report all income received as property or services at the cost of the fair […]
— Read moreDo you own stock in any corporations? If so, you may receive dividends from the company as distribution of the property you own. Typically, dividends are paid in cash, although some corporations chose to pay dividends by offering stock in another corporation or through property. Dividends can also be received through partnerships, trusts, estates, associations […]
— Read moreAny interest paid to you or credited to an account is considered taxable income when you can withdraw the amount without facing any penalties. It becomes taxable the year in which it is available to you. Sometimes, interest you receive may be considered tax-exempt. You’ll receive a Form 1099-INT or Form 1099-OID if you have […]
— Read moreAs an employee, you likely receive wages, salaries or tips from your employer for your services. If so, you must include these amounts as part of your gross income when filing your taxes. Any withholdings are to be included in your income for the year they were withheld. Withholdings include Social Security, Medicare, and income […]
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