Millions of Americans have hobbies such as sewing, woodworking, fishing, gardening, stamp and coin collecting, but when that hobby starts to turn a profit, it might just be considered a business by the IRS. Continue reading
Crowdfunding websites such as Kickstarter, GoFundMe, Indiegogo, and Lending Club have become increasingly popular for both individual fundraising and small business owners looking for start-up capital or funding for creative ventures. The upside is that it’s often possible to raise the cash you need, but the downside is that the IRS might consider that money taxable income. Here’s what you need to know. Continue reading
Is your child a student with a summer job? Here’s what you should know about the income your child earns over the summer. Continue reading
If taxpayers use one of the many online platforms to rent a spare bedroom, provide car rides or a number of other goods or services, they may be part of what is called the sharing economy.
Here are several key points taxpayers should know about the sharing economy: Continue reading
Business owners, as well as employees, often have questions about what to do with an employee’s home–and what the tax consequences might be–when he or she is moved to a new job location. Here are some answers. Continue reading
Children who receive investment income are subject to special tax rules that affect how parents must report a child’s investment income. Some parents can include their child’s investment income on their tax return, while other children may have to file their own tax return. If a child cannot file his or her own tax return for any reason, such as age, the child’s parent or guardian is responsible for filing a return on the child’s behalf. Continue reading
Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement country destinations are created equal. Here’s what you need to know. Continue reading
Tax rules on rental income from second homes can be complicated, particularly if you rent the home out for several months of the year, but also use the home yourself. Continue reading
Are you in the farming business or thinking about it? If so, you should be aware that there may be tax benefits available for you come tax time. Farms include plantations, ranches, ranges, and orchards. Farmers may raise livestock, poultry or fish, or grow fruits or vegetables.
Here are 10 things about farm income and expenses you should keep in mind this year. Continue reading
Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, and rent, as well as gains from the sale of assets, prizes and awards. You also may have to pay estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough. If you do not pay enough by the due date of each payment period you may be charged a penalty even if you are due a refund when you file your tax return. Continue reading