Cost basis refers to the original value of an asset for taxes. Its value often determines its capital gains, which equal the asset’s cost basis and the current market value....
There are different goals for all taxpayers when filing their returns each year. Some might aim at reducing their tax amount. At the same time, another might desire a huge refund amount,...
Your taxes this year may be dominated by a clear question: "At any point in 2020, did you sell, receive, send, trade, or earned financial interest in any virtual currency?"In...
Treatment of distributions to persons placed on active service for at least 179 days (article 72(t) of the code)Under the current law Under current legislation, a taxpayer who...
The IRS' voluntary Classification settlement program offers taxpayers an opportunity to reclassify workers as "employees" for tax with the hope of getting limited tax...
State Unemployment insurance is a tax program funded by employers to provide short-term benefits to workers out of a job. This is a tax required at the federal and state level. Unemployed...
The nation owes a debt of gratitude to veterans, yet sometimes these heroes come back home and pay huge taxes, which places a significant burden on them. This realization led to a...
An Insight into Personal Use propertyUncle Sam defines personal use property as an asset or property used solely for private purposes and does not serve as an investment or business...
The employer will take a part of your salary and send it to the IRS for people paid regularly, which happens via withholding taxes. People that are self-employed or paid via non-wage...