Not all of us are CPAs or enrolled agents. Most of us are just regular folks trying to do our taxes.
Learn tax tips and tricks in this knowledge base.
The Augusts Rule says that you can rent out your personal residence for less than 15 days per year and it is NOT income.
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.
Don’t let tax software convince you that you are a business because you got a 1099. Hobbies are reported as “other income.”
Why are there different answers from different people? Laws are conflicting, situations are complex… get the full explanation here.
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.
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 manager cannot take your tips. You are not required to split your tips or “tip out” non-tipped employees.
Many types of income are tax-free and not considered income by IRS rules. Learn about excluded income and what you can deduct.
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.
A 1031 exchange is also known as a ‘like-kind’ exchange and it a method or deferring the taxes on the sale of a piece of property.