5 Surprising Taxable Items Wages and self-employment earnings are taxable, but what about the random cash or financial benefits you receive through other means? If something of value changes hands, you can bet the IRS considers a way to tax it. Here are five taxable...
Despite the COVID-19 pandemic, political unrest, and severe weather events, the Tax Court has continued to churn out decisions affecting individual and business taxpayers. Here’s a brief sampling of several cases that may be of particular interest. Coming Up Aces....
In case you missed Robert Kratz’s January 18 letter to his clients, following is what to consider when filing your taxes in 2022. The IRS encourages taxpayers to get informed about topics related to filing their federal tax returns in 2022. These topics include...
The new year is just around the corner. Have you started thinking about your taxes? It’s not too late, but it will be soon. There are moves you can make to reduce your taxable income. Some of these tax-saving moves, however, must be completed by December 31. Here are...
The American Rescue Plan Act of 2021 modifies several tax provisions, including a third round of direct stimulus payments, enhancements of many personal credits meant to benefit people with lower incomes and children, extensions of highly popular payroll tax credits...
The first advance payment from the newly expanded child tax credit was sent out in July by the IRS. Payments are scheduled to be made on the 15th of each month through December. By this week you should have received three payments, one in July, one in August, and one...
Do you have a hobby? Did it unexpectedly turn into a source of income? The IRS recently sent out a tax tip letting taxpayers know that money made is money to be reported for tax purposes. Here is the IRS tax tip: “Many people are engaged in hobby activities that are...
