» Taxable Income

Tax Rules for Vacation Rental Properties

March 12th, 2024
A vacation rental property is not only a source of income, but often a wise investment. Real estate, especially in desirable areas, tends to appreciate in value. There are other advantages, too: vacation rentals can diversify your investment portfoli… Read More

Tax Tips for Freelancers and Gig Workers

September 13th, 2023
Working for yourself offers so many benefits: flexibility, the opportunity to be creative, and control over your own career and future. The flip side, of course, is that you are responsible for everything—including figuring out your income taxes. W… Read More

Do I Have to File Taxes if I Don’t Owe?

March 7th, 2023
If you’re like most people, you would probably prefer almost any activity to sitting down and preparing a tax return. Of course, if you expect to owe, you know you need to file taxes. And if you’re expecting a refund, the only way to get it is to… Read More

Will the Coronavirus Relief Loans (SBA,PPP, EIDL) Affect My Taxes?

December 17th, 2021
When the coronavirus pandemic descended in early 2020, the world was caught unprepared. Businesses in the United States and elsewhere experienced major disruption, and governments took action to keep businesses and the economy afloat. Unfortunately,… Read More

How is Cryptocurrency Taxed?

November 5th, 2021
Five years ago, most people had barely heard of cryptocurrency. Even a year or two ago, most people didn’t own any. But recently, cryptocurrency has increasingly burst into the public awareness, and more and more people are investing in it — perh… Read More

Capital Gains Tax: When Selling Your Home for a Profit Can Hurt

July 19th, 2021
When you buy real estate, especially your own home, your primary concern probably isn’t what price you will get for it when you sell it. But when you do get around to selling that real estate, you certainly don’t want to sell it for less than you… Read More

What Happens if You Miss a Quarterly Estimated Tax Payment?

April 29th, 2021
If you miss a quarterly estimated tax payment, you may need to pay penalties and interest. Estimated tax payments are due each quarter for federal and state income taxes. Also, they are used to pay self-employment tax. Most people who work as an empl… Read More

E-sports Earnings: Is Game Streamers’ Income Taxable?

March 26th, 2021
Electronic sports, or e-sports, income is taxable to gamers who make money from participating in online gaming. Professional gaming has taken off in the past few years with some even making millions! The IRS defines income broadly. Any income receive… Read More

Selling the Family Home? Tax Rules on the Sale and Transfer of Assets

March 22nd, 2021
Selling the family home and wondering how the sale is going to affect your taxes? The good news is for most homeowners, when it comes time to sell, the profit is now tax-free. To qualify for the tax-free exclusion of profit from the sale of your home… Read More

Are Life Insurance Payouts Taxable?

February 17th, 2021
When thinking about your estate and beneficiaries, it can be easy to overlook taxes. But, for the people that do have life insurance and think about these things, one of the most common questions is: Are life insurance payouts taxable? First, congrat… Read More
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