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.
Estate tax is paid by the estate. If you have an estate with enough wealth to owe estate tax, probate court is already involved and overseeing the bill payments and valuation of your property.
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.
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.