Income from fundraising is not considered a taxable source of income by the IRS. Tax fundraising laws define donations as gifts, which recipients do not have to report on their tax...
Posted by Flynn Financial Group Inc on 05/29/2021
When it comes to filing income tax returns, getting the lowest tax liability is not just about skill, it's about what you know. Unfortunately, many taxpayers lose deductions and...
A lot of small businesses’ operations are conducted from a home office. As long as you use a designated room exclusively for business, it qualifies for some deductions, provided...
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...
There are many ways in which sales compliance form applies, and one of them is the Use Tax. It is one of the terms common when applying for a sales tax permit in any state or accessing...
What is a health expense reimbursement agreement (HRA)?A health reimbursement agreement (HRA) is an employer-funded plan that reimburses employees for eligible medical expenses and,...
Posted by Schneiderman and Friedman on 01/18/2021
What if you had the chance to win an award of excellence for your outstanding contributions to art, community service, or science? Do you have to pay income tax on this amount? The...
Section 4261 of the IRC typically imposes a special 7.5% air tax on amounts paid for "taxable transportation" and certain segment-specific dollar taxes. However, certain...
The standard mileage rate, also known as daily mileage or deductible mileage, is a rate set by the Internal Revenue Service (IRS) per mile maintained by a taxpayer for business purposes...