Tag Archives: income

Contrary 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 […]

It 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 […]

Don’t Gamble with Taxes

Those 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 […]

The Three Different Businesses

Business 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 […]

Do you own Stock?

Do 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 […]

Any 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 […]

As 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 […]

Reporting Gambling Income and Loss

If you enjoy trying your luck at the tables, watching the slots spin, or hoping for your horse to win, any money you’ve won from these activities are taxable, ad must be reported to the IRS. You may enjoy a game of chance every once in a while, however, you should never gamble with your […]

Dealing with the loss of a job can be stressful, even if you’ve just been laid off. You’re struggling to figure out how to make ends meet, and in this time, unemployment benefits may be the answer to the help you seek. However, you need to remember that they are taxable. When calculating your income […]

Taxable and Non-taxable Income

If you’re trying to determine the difference between taxable and non-taxable income, you should remember one basic fact: All income not specifically excluded by law is taxable. Basically, any money you receive in the form of work wages or tips is taxable. Additionally any income that you gain from property or services, whether cash or […]