Tax Info for Regular Folks

Paying Taxes on a Loss: Wash Sale Disallowance – The Hidden Dark Side of Internet Trading

If you are tempted to jump on the latest investment bandwagon, pay attention to your buys and sells. Frequent buys and sells will have you paying taxes on the gains and having all your losses disallowed. In other words, you can lose money overall, but when tax time comes you pay taxes on the gains and can’t deduct the losses. You can lose money overall and then lose even more by having to pay taxes on gains you never received because they were eaten up by losses that no longer count.

Can I Rent my Home to My Business Tax-Free?

The Augusts Rule says that you can rent out your personal residence for less than 15 days per year and it is NOT income.

Why Do I Owe Taxes on My Inheritance?

When you make withdrawals, you will get a 1099-R at the end of the year and you need to report it as retirement income, even if you are not retired, even if you had taxes withheld.

Business or Hobby? – Are you overpaying you taxes?

Don’t let tax software convince you that you are a business because you got a 1099. Hobbies are reported as “other income.”

Why Do I Get Different Answers From Different Tax Professionals?

Why are there different answers from different people? Laws are conflicting, situations are complex… get the full explanation here.

But I Already Paid the Taxes on That! – Taxes Held Out on Payments

Do I have to report payments on my taxes when the taxes were held out? Am I paying the taxes twice? How to report gambling, 401k, settlements, and more.

Are Roth IRA withdrawals taxable?

Withdrawals from a Roth IRA can be taxable in some situations. Learn what is taxable and subject to penalty before you take money out.

Your Tips Are Your Money

Your Tips Are Your Money. Your manager cannot take your tips. You are not required to split your tips or “tip out” non-tipped employees.

15 Kinds of Tax-Free Income

Many types of income are tax-free and not considered income by IRS rules. Learn about excluded income and what you can deduct.

You’re a What? Enrolled Agent? What’s that?

Enrolled Agents are Tax Experts who are still tested and licensed under the same 1884 law that is 30 years older than the IRS itself.