» Taxable Income

Tax Tips for Freelancers and Gig Workers

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?

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?

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?

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

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?

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?

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

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?

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

How to Determine the Cost Basis of Gifted Stock

Determining the cost basis of gifted stock or other needed information for tax purposes can be confusing. Oftentimes, a well-meaning family member, like grandma, will buy stock for a loved one when they are a small child and give it to them when they… Read More