The Internal Revenue Service reminds taxpayers of their reporting and potential tax obligations from working in the gig economy, making virtual currency transactions, earning foreign-source income or holding certain foreign assets. Information available on IRS.gov and instructions on Form 1040 can help taxpayers in understanding and meeting these reporting and tax requirements.
As part of ongoing efforts to provide additional help for people during this period, the IRS announced today the suspension of more than a dozen additional letters, including the mailing of automated collection notices normally issued when a taxpayer owes additional tax, and the IRS has no record of a taxpayer filing a tax return.
Tax Angles for Landlords Today In the current economic environment, many rental property owners are incurring losses. But they may not to be able to currently deduct them. Here’s an overview of important information that property owners should know about: deductions for operating costs and depreciation, the passive activity loss rules, the excess business loss rule and net operating losses, as well as helpful information about properties that are generating taxable income.
10 FAQs About ABLE Accounts Parents of children with disabilities face many difficult financial issues. Raising a child with a disability and providing assistance into adulthood can be overwhelming. Plus, parents need to plan for the likelihood that their children will outlive them. Fortunately, tax-advantaged ABLE accounts may be used to help ease these financial concerns.
How Much Building Maintenance is Enough? You may own the best property in town, but don’t overlook the importance of protecting your investment by having a detailed plan to maintain your building and grounds. Not only are you guarding against ordinary deterioration which can siphon off value, but you’re also reducing your risk of frivolous — or genuine — lawsuits due to injuries. Here are some points to consider when setting up a maintenance program.
11 Sources of Tax-Free Income You may think you have to pay federal tax on all income you receive but that’s not true. There are still some types of income income that are free from tax. Here are 11 sources of income that generally don’t come with a federal income tax liability. Do you have any of them?
Four Reasons Millennials Need an Estate Strategy Estates are for old people, right? Young people generally have few assets and presumably won’t need to think about what happens when they die for decades. But of course, anyone can die at any time. Before you say you’ve got plenty of time, take a minute to read this article to get an overview of the decisions you should be making now. Think of it as a road map to protect and direct your assets while there’s time.