In gambling, there are winners and there are losers. But, if you don’t pay taxes on your winnings, you’ll end up a loser with the IRS! Whether you’re at a casino or a racetrack, win a lottery, or you’re just enjoying a night of Bingo, your gambling income is most likely taxable income. Whether or […]
Finally the IRS addresses a problem experienced by some employers and not-for-profit organizations: the misclassification of workers in “sheltered workshops” as independent contractors rather than employees. IRS Revenue Ruling 65-165 clarifies the treatment of disabled workers in the following situations: Individuals in training in a rehabilitation program designed to prepare them for placement in private […]
Members of the U.S. Armed Forces and veterans are required to pay taxes on their income like everyone else. But special rules sometimes apply. Here’s an overview of key tax benefits that the IRS provides to military personnel to thank them for risking their lives for our country. Combat Zone Exemption One of the most […]
In many ways, tax season is similar to the New Year. How could that be? Tax season is full of anxiety and deadlines, whereas New Year’s is full of parties and fun. The similarity is that, like New Year’s, tax season is a time when many of us evaluate the previous year and make resolutions […]
In honor of Financial Literacy Month, we’d like to talk about one of the biggest issues facing many Americans today. It’s no secret that today’s college students often leave school with mountains of student loan debt. There are multiple ways to be relieved of student loan debt, including the debt being paid off as a […]
1. Joint vs. Separate Returns One of the first decisions for a married couple to make is whether to file jointly or separately. Most couples will fare better with a joint return, but that’s not always the case. For example, one spouse might have a disproportionately high amount of casualty losses or deductible medical or […]