When we think of gambling, our first thoughts may be of casino games or the lottery. However, the IRS requires all gambling income to be reported, including winnings from raffles, fantasy football, and even sports betting. The IRS has specific regulations for reporting gambling activities, which can significantly impact your tax obligations. Here’s an overview of […]
Tax Planning
What is the Single’s Tax?
Living alone can be liberating, offering independence and autonomy. However, it often comes with a financial burden dubbed the “singles tax.” This term refers to the additional costs incurred by individuals who choose to live independently, without the financial support or cost-sharing benefits that come with living with a partner or family. Here we’ll break […]
Tax Tips for Rideshare Drivers
The gig economy has revolutionized the way people work, providing flexibility and autonomy like never before. Ridesharing platforms like Uber, Lyft, and others have become a popular choice for those seeking extra income or a full-time job. However, amidst the freedom and flexibility, rideshare drivers often encounter challenges when it comes to understanding and managing […]
Tax Checklist for Moving States
Moving to a new state is often an exciting adventure, but amidst the hustle and bustle of relocation, it’s easy to overlook important details, such as how the move will impact your taxes. State tax laws vary widely, and failing to understand and plan for these differences can result in unexpected financial consequences. To help […]
What is Imputed Income?
While you may not have heard of the term “imputed income,” chances are that you might be receiving it from an employer. Imputed income is essentially non-cash goods or services that you receive from your employer as a form of income. It’s important to know how much you receive because it is taxable, which means […]
Are Child Support Payments Taxable?
Child support payments serve as a critical lifeline for families post-divorce or separation, ensuring that children’s needs are met. Amidst the complexities of family law and taxation, one common question arises: Are child support payments taxable? In this article, we’ll answer this question, providing clarity on the tax treatment of child support payments and offering […]