Category Archives: 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 […]
— Read morePersonal or investment property that you own is typically considered a “capital asset”. Examples range from material items like a house or car, to investment items like stocks and bonds. A capital gain or loss occurs when a “capital asset” is sold. Whether you can consider the sale a capital gain or loss depends on […]
— Read moreHaving a retirement fund set up to help offset the costs associated with life after employment, is a smart financial decision. However, situations may arise that require you to withdraw some cash from your savings plan earlier than you expected. Doing so can activate an additional tax, and cause you to have to report withdrawals […]
— Read moreMore people are being required to file 1099-MISC forms all over the country, because the IRS is diligent in making sure you pay your taxes – even if you’re an independent contractor. Your client sends a 1099-MISC form to the agency, and the IRS compares it to the form you submit. Ignoring a 1099-MISC is […]
— Read moreThe housing market in the US is finally starting to kick back in high gear, after a few years stalled on the wayside. With this recent shift in the real estate market, a review of the taxes (and appropriate tax breaks) associated with home sales is in order. The application of taxes can be tricky, […]
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