Virtually everyone has suffered a loss, whether it's an accident, which may be covered by accident insurance, or theft.Tornadoes, earthquakes, wildfires, hurricanes, and other...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 11/30/2022
It may come as a surprise that awards and prizes are taxable. The prize is filed under income tax if a taxpayer receives an award from a competition. This is because the market value...
Posted by Pat Raskob on 11/30/2022
It is no surprise that paying someone to watch your kids or clean your property makes you an employer, and you have to do the employer donation. Those hired to do these jobs are considered...
Posted by Rosovich & Associates, Inc. on 11/30/2022
The retirement account is no place to hide money from taxes because eventually, the IRS will come for their even share. RMDs stands for a required minimum distribution (RMD), which...
Posted by Pat Raskob on 11/28/2022
Partnerships should use Schedule K-1 tax forms to distinguish partnership income from owners' income. By doing this, your business will more likely avoid the $54,171 tax penalties...
Posted by Taxes Made EZ Inc on 11/17/2022
When you work as a driver for a ridesharing company like Uber, Lyft, or another ridesharing service, the important thing to understand about your taxes is that you're probably...
Posted by Pat Raskob on 11/17/2022
There are essential things to keep in mind during legal separation and divorce. First, the act changes not only relationship status but also taxes. A married couple will continue to...
Posted by Rosovich & Associates, Inc. on 11/17/2022
Tax preparers prepare more than 85 million tax returns, as observed by the Internal Revenue Service (IRS). However, those who boldly go DIY on their taxes should remember to keep a...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 11/10/2022
A tax deduction is a legal method of reducing your taxes without being penalized. There is a wide margin between a deduction and credit, and the value is not the same, making it look...
Posted by Taxes Made EZ Inc on 11/10/2022