As technology continues to reshape the financial landscape, investment apps have become increasingly popular tools for individuals seeking to grow their wealth. These apps provide a user-friendly interface for managing investments, offering convenience and accessibility. However, as with any financial endeavor, it’s crucial to understand the tax implications associated with using investment apps. In this […]
Article from November 2023
Which Types of Interest are Tax-Deductible?
When it comes to managing finances, understanding the nuances of tax-deductible interest can be a valuable tool for maximizing savings. Interest payments on various loans and financial instruments can sometimes be deducted from taxable income. This provides individuals with an opportunity to reduce their overall tax burden. In this article, we will explore the types […]
How to Itemize Deductions
Itemizing deductions is a valuable strategy for maximizing tax savings. It allows taxpayers to claim a range of eligible expenses that can significantly reduce their taxable income. The standard deduction provides a straightforward way to reduce taxable income. On the other hand, itemizing deductions involves listing individual expenses to potentially achieve a greater tax benefit. […]
5 Tax Issues Gig Workers Run Into & How to Avoid Them
In the dynamic landscape of the gig economy, where flexibility and independence are highly valued, many workers find themselves navigating the complex terrain of self-employment taxes. While the gig economy offers opportunities for individuals to earn income on their own terms, it also comes with a set of responsibilities, particularly when it comes to filing […]
IRS Announces Another Delay in Form 1099-K Reporting
The IRS has recently announced a delay in the implementation of changes to the reporting threshold for Form 1099-K. Form 1099-K, Payment Card and Third Party Network Transactions, is used to report third-party platform payments. Originally scheduled for 2023, the IRS has decided to postpone the implementation of greater reporting thresholds. However, they’ve cited the […]