It seems like “side hustles” are all the rage these days. But come tax day, the tax treatment of these endeavors can be a big question mark — especially since these often aren’t the primary source of income for those […]
With summer on our doorstep, the thoughts of many people go to home improvements that should be done now that the weather is improving. If this sounds like you, you should be aware that certain energy efficient updates to your […]
If you’re a business owner, you should be aware that the SECURE 2.0 Act has changed how some amounts are reported on Form W-2. The provisions potentially affecting Forms W-2 (including Forms W-2AS, W-2GU and W-2VI) are: De minimis financial […]
If you missed the April tax filing and payment deadline, you should file as soon as you can. If you missed the deadline to file and owe taxes, you need to file quickly to minimize penalties and interest. And keep […]
The Earned Income Tax Credit (EITC) is the federal government’s largest refundable tax credit for low to moderate income workers. Almost a third of those who qualify for the EITC became eligible for the first time this year due to […]
Most people who are traditional employees or contractors have their income reported to the IRS on a Form W-2 or a Form 1099-NEC. But you are required to report all sources of income on your tax return, even those that […]
Will people will get a Form 1099-K from friends and family sending them personal payments? Payments from friends and family should generally not be reported on a Form 1099-K. Form 1099-K reports payments for goods or services and should not […]
We are in the midst of tax season, and although many people have already had their tax return prepared and filed, many more haven’t started this process yet. If you still need to prepare your 2023 tax return, here are […]
If you’re not a tax professional, some of the lingo used when talking about taxes might be a little confusing. Today we want to look at two terms that are often confused and which together play an important role in […]
If you are age 70½ or older, you may be able to exclude a qualified charitable distribution (QCD) of up to $100,000 from your income each year. A QCD is a taxable distribution paid directly from an IRA (other than […]