Posts tagged tax rules
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What to Know About Taxes on Found PropertyIt’s happened to many of us at some point—you may be walking along a street and look down. Lo and behold, there’s a $20 bill in your path. Or maybe it’s a silver bracelet. Either way, it’s found property. The...

What to Know About Taxes on Found Property

It’s happened to many of us at some point—you may be walking along a street and look down. Lo and behold, there’s a $20 bill in your path. Or maybe it’s a silver bracelet. Either way, it’s found property. The tax ramifications of finding a $20 bill are negligible. The bracelet is a different story if it has any value. Now the Internal Revenue Service gets involved. See the full TurboTax article to get the breakdown on how the IRS treats found property at tax time.

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Cost Basis: Tracking Your Tax Basis“Basis” is one of the most important words in the lexicon of taxes. Sometimes you see it by itself. Sometimes it’s called “cost basis” or “adjusted basis” or “tax basis.” Whatever it’s called, it’s important to...

Cost Basis: Tracking Your Tax Basis

“Basis” is one of the most important words in the lexicon of taxes. Sometimes you see it by itself. Sometimes it’s called “cost basis” or “adjusted basis” or “tax basis.” Whatever it’s called, it’s important to calculating the amount of gain or loss when you sell an asset. To find out more about this important tax concept, see the full TurboTax article.

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What Is My Tax Bracket?The term “tax bracket” refers to the highest tax rate charged on your income. Under the federal income tax system, different rates apply to different portions of your income. So people in, say, the 25 percent tax bracket don’t...

What Is My Tax Bracket?

The term “tax bracket” refers to the highest tax rate charged on your income. Under the federal income tax system, different rates apply to different portions of your income. So people in, say, the 25 percent tax bracket don’t actually pay 25 percent of their income in taxes; rather, the last dollar they earn is taxed at 25 percent. To find out more, see the full TurboTax article.

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What Is the Federal Supplemental Tax Rate?If you work as an employee, the amount of tax withheld from your paycheck is based upon the information you provided on Form W-4. However, if you receive any form of supplemental wages during the year, your...

What Is the Federal Supplemental Tax Rate?

If you work as an employee, the amount of tax withheld from your paycheck is based upon the information you provided on Form W-4. However, if you receive any form of supplemental wages during the year, your employer may be required to withhold tax using a different method. To learn more how supplemental wages affect your tax return, see the full TurboTax article.

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Tax Tips for Nannies and At-Home CaregiversWhen it comes to working in people’s homes, the working arrangements are often casual and wages are paid out in cash. This grey area can lead to confusion for both parties, but determining if a nanny or an...

Tax Tips for Nannies and At-Home Caregivers

When it comes to working in people’s homes, the working arrangements are often casual and wages are paid out in cash. This grey area can lead to confusion for both parties, but determining if a nanny or an at-home caregiver is considered a household employee can make tax filing simpler for everyone involved. To learn more, see the full TurboTax article.

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What Is Form 1098-E: Student Loan Interest Statement?If you paid interest on a qualified student loan, you may be able to deduct some or even all of that interest on your federal income tax return. Student loan companies use IRS Form 1098-E to report...

What Is Form 1098-E: Student Loan Interest Statement?

If you paid interest on a qualified student loan, you may be able to deduct some or even all of that interest on your federal income tax return. Student loan companies use IRS Form 1098-E to report how much you paid in interest. Borrowers get a copy of this form, and so does the IRS. To learn more about who sends it and what to do if you don’t receive one, see the full TurboTax article.

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Top Tax Deductions for PhotographersRunning a photography business requires a lot of space—from the studios where you shoot to the storage space where you keep a library of props. You can deduct the cost of the venues used for your business. You can...

Top Tax Deductions for Photographers

Running a photography business requires a lot of space—from the studios where you shoot to the storage space where you keep a library of props. You can deduct the cost of the venues used for your business. You can also deduct other costs associated with studio space that are used to maintain it, like electricity, phone, internet, and insurance. For more tax tips, see the full TurboTax article.

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How to Pay Taxes on Gambling Winnings and LossesFor many of us, gambling means buying the occasional lottery ticket on the way home from work, but the Internal Revenue Service says that casual gambling also includes raffles, casino games, poker,...

How to Pay Taxes on Gambling Winnings and Losses

For many of us, gambling means buying the occasional lottery ticket on the way home from work, but the Internal Revenue Service says that casual gambling also includes raffles, casino games, poker, sports betting—and, yes, even fantasy football. When you win, your winnings are taxable income, subject to its own tax rules. Read the full TurboTax article for details.

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