Tax related

Not sure whether it’s worth your while to hire a tax professional to do your taxes? Thinking that maybe this year you’ll take a run at it yourself? You may want to think again after taking a look at a new graphic released by the Taxpayer Advocate Service (TAS). The organization, which is dedicated to helping taxpayers resolve tax problems, Puts out a map every year that’s … [Read more...] about See the US Tax System Illustrated in One Complex Map

Article Highlights: Tax-Free Income from Working AbroadForeign Earned Income and Housing ExclusionsForeign Self-Employment IncomeClaiming or Revoking the Exclusion U.S. citizens and resident aliens are taxed on their worldwide income, whether they live inside or outside of the U.S. However, qualifying U.S. citizens and resident aliens who live and work abroad … [Read more...] about Earn Tax-Free Income from Working Abroad

Article Highlights: Trading in a VehicleSelling a VehicleGifting a VehicleDonating a Vehicle to Charity If you are buying a new car, are you wondering what to do with the old one? You actually have a number of options, some of which have tax implications and some of which don’t. These options include trading the car in with the dealer, selling it to a third party, … [Read more...] about Tax Ramifications of Disposing of a Vehicle

Article Highlights: Collecting TipsTip SplittingService ChargesRecord KeepingEmployer Reporting Allocated Tips Anyone who collects tips must include those tips in their taxable income. This requirement is not limited to waiters and waitresses; it applies to anyone who collects tips, including taxicab, Uber, Lyft, and similar drivers; beauticians; porters; concierges; and … [Read more...] about Receiving Tips Can Be Taxing

Article Highlights: Matching SeasonIRS LettersFake LettersDemand for Immediate Payment Every year, the vast majority of taxpayers file their returns with the IRS between the end of January and the April due date. However, the IRS does not just take taxpayers’ word regarding the information on their returns. For this reason, tax season is followed by “matching season,” … [Read more...] about Watch Out for Those Fake IRS Letters