Author Archives: Carol

Gambling income is any money or prizes that you earn from games of chance or wagers on events, including racetracks, raffles, the casino, or the lottery. Gambling income is fully taxable and must be reported on your federal tax return, … Continue reading →

In the U.S., income taxes are collected on an ongoing basis. For many of us, this means that an employer pays federal and state taxes on our behalf by withholding a certain amount from each paycheck. But if you earn … Continue reading →

The answer is yes, with two essential conditions that have to be met. Details of what expenses may be deductible are below, but these two basic conditions apply: ONE: Deductions must be Itemized First, you must itemize deductions using a … Continue reading →

The IRS recently announced that nearly a million American taxpayers – approximately 940,000 – who have not yet filed tax returns for tax year 2020 may be due to get a refund. The IRS estimates typical refunds for these returns … Continue reading →

You have until midnight on the April 15 Tax Day deadline to either electronically file a tax return or have a paper return postmarked by April 15. If you miss that deadline, your tax return will technically be late and … Continue reading →

The Internal Revenue is making a number of changes for tax year 2024, largely as annual inflation adjustments. Looking ahead, some planning in advance can help get you ready to realize the most advantageous tax outcome. Tax Brackets for 2024 … Continue reading →

Individuals who purchased new electric vehicles may be eligible for a federal tax credit of up to $7,500 for tax year 2023. The credit is available to individuals and businesses. It is nonrefundable and there are numerous requirements and conditions … Continue reading →

Traditional Individual Retirement Accounts (IRAs) are “tax-deferred plans,” meaning you don’t pay taxes on your account contributions or earnings until you take withdrawals. Because the IRS wants to start collecting those taxes sooner rather than later, they require you to … Continue reading →

Owners of small businesses have to deal with a number of annual reporting and compliance requirements. Deadlines for two reporting requirements for the 2023 tax year are coming up. 1099 Forms If your small business or sole proprietorship paid for … Continue reading →

Gifts to IndividualsUnder the annual “gift tax exclusion,” you can make gifts in tax year 2023 of up to $17,000 to as many individuals as you want, with no federal gift tax consequences and no requirement to report them to … Continue reading →