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Cryptocurrencies are taxable. The IRS classifies cryptocurrency holdings as property for tax purposes, meaning it is taxed similarly to other assets, like stocks. If you own cryptocurrency, ensuring you are properly tracking your gains and losses is essential to...
Many people are wondering if the stimulus payments provided during the pandemic will affect their tax refund. However, since stimulus payments are not considered taxable income, they won’t be considered as additional income by the IRS when calculating your return. The...
The home office deduction has traditionally only been relevant to freelancers and contractors. However, with the majority of Americans working from home during the pandemic, many workers are tacking on additional expenses they wouldn’t normally have. On this list, are...
When you submit your tax return, the IRS may select it for a review or audit. This process could occur years after a filing date, or within the same tax year you filed a return. During this process, the IRS will likely ask you for supporting documentation—and in some...
American taxpayers can use deductions to reduce their taxable income and liability. Deductions include expenses a taxpayer takes on during the year that they “claim” when tax season comes around, or contributions to accounts with tax benefits. In general, you have two...
Working for tips is hard enough. But the tax rules surrounding tips can make life even harder come tax season. Tips are optional payments that customers provide to employees—usually in the service industry. Many service industry workers falsely think that they don’t...
Tax season isn’t most people’s favorite time of year. But even if the thought of doing your taxes makes your head spin, it’s best to give yourself plenty of time to file—especially if you know your taxes may be complicated. Specifically,...
The IRS recently extended the tax deadline for 2021 to May 17. But what happens if you miss the new deadline? Whether you’re buried in a big project at your job or navigating a family crisis, the tax deadline can come and go in the blink of an eye. If you forgot...
In general, the workforce is divided into categories, including salaried employees and independent contractors. Both groups of workers have similar deductions available to them, with a few key differences. Employees who work at home or are self-employed encompass a...
Many people underestimate the importance of filing taxes before Tax Day or later with a valid extension from the IRS. In fact, most taxpayers are unaware of the risks and penalties that are associated with a failure to uphold the tax return deadline, such as being...
