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Concerned that after this last pandemic year you can’t pay your taxes? Most taxpayers will receive a refund when they file their income tax returns. But what if you end up owing the IRS and can’t pay your taxes within the given deadline? Watch this video for some possible solutions to minimize your tax penalties …
Considering your options regarding a cash flow solution? The annual inflation rate in the U.S. accelerated to 7.5% in January of 2022. This is the highest rate since February of 1982. Inflation hits those on a fixed income, often seniors, the hardest. On top of escalating living expenses due to inflation, some retirees are faced …
Most charitable contributions are deducted as part of a taxpayer’s itemized deductions on IRS Schedule A. That is, except for the special 2020 and 2021 provisions that allow up to $300 of cash donations as a deduction for non-itemizers. ($600 for married taxpayers filing jointly for 2021.) Charitable contributions can take many forms, and some …
Did you know? There’s a special tax benefit for inheritances. You may hear people use the term “Stepped-Up Basis”. This is a tax provision that can be quite beneficial to people who inherit property. It allows beneficiaries of an inheritance to reduce or even avoid taxes when selling inherited property. When an individual sells property, …
If you spend much time in a casio, it’s important to be aware of gambling and tax traps that can occur. Although gambling may seem to be a recreational activity for many taxpayers that is not the case concerning the government. They look at it as a source of tax revenue. And as one might …
If you’re wondering how to stretch resources and manage your finances during inflation these days – you’re not alone. It’s hard to ignore the real-life impacts inflation is having. While gas and grocery prices are having the most immediate effect, the price of almost everything is going up. People who are looking for ways to …
If you have income coming in from a side hustle, be aware that reporting requirements have changed. For several years now, the IRS has required payments made to merchants through various marketplaces, payment processors (credit & debit cards), and third-party settlement organizations (TPSOs) to be reported on Form 1099-K. The purpose being to uncover merchants …
The sweet, love based story of Wordle is unique in that so few things have captured the attention of so many people in recent memory. It’s one part crossword, one part Sudoku. It reminds me of Boggle (which I played with my family growing up), but it’s so much quieter. In Wordle, players have to …
Engaged in an activity that produces income? If so, the big question is whether the activity is a hobby or for profit. The tax treatment of your income or loss from your endeavor hinges on the answer. The tax code, Section 183 limits deductions when an activity is not engaged in for profit. The result? …
