What is a deductible?A deductible is an expense that a taxpayer or business can deduct from their adjusted gross income when filing a tax form. Deductible expenses reduce your taxable...
Posted by Dennis Jao on 12/31/2022
This goes for the money you earn and the interest and dividends you earn on your investments. Unless the IRS specifically describes a type of income as non-taxable, you are expected...
Posted by Tiffany Gaskin on 12/31/2022
The home office deduction is one of the most popular tax deductions for those who work from home. Once you understand how to record, calculate, and report home office expenses, you...
Posted by Taxes Made EZ Inc on 12/18/2022
Every time you file your taxes, a trail of paperwork is involved. Once you've settled with the IRS, you might be tempted to throw away all those documents. But the IRS recommends...
Posted by KLSM CPA Firm PLLC on 12/08/2022
Business owners benefit from driving themselves or their employees for business purposes because of the tax deduction it attracts. The IRS allows business owners to deduct their returns...
Posted by KLSM CPA Firm PLLC on 11/30/2022
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, Emeritus on 11/17/2022
The gig economy applies to people ranging from freelance consultants to Uber drivers or full-time employees who do a side hustle. The tax returns are different whether you're paid...
Posted by KLSM CPA Firm PLLC on 10/30/2022
The cost basis in real estate can significantly impact your tax liability. If you're buying a property, understanding the cost basis in advance can help you prepare for the possible...
Posted by Tiffany Gaskin on 10/26/2022
One good thing about trading is that all you have to do to become a trader is get started. Many people trade as a hobby, while others trade full-time for a living, and some traders...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 10/16/2022
