Becoming a parent brings joy and new responsibilities, including changes to your tax situation. Whether you recently welcomed a baby through birth or adoption, the IRS offers several credits and deductions that can lower your tax bill or increase your refund. Understanding how to claim these benefits correctly can help new parents make the most of […]
GoFundMe: How are Donations Taxed?
Crowdfunding is the act of funding a project by collecting small donations from a large number of individuals, often online. GoFundMe has become a powerful platform for individuals and organizations to raise funds for various causes. These range from medical expenses and emergency relief to community projects and personal aspirations. However, many users of the […]
How to Report Employer Stock Options on Your Taxes
If your employer offers stock options as part of your compensation, you could have a powerful opportunity to build wealth, but also a complex tax situation to navigate. Whether you hold Incentive Stock Options (ISOs) or Non-Qualified Stock Options (NSOs), understanding how to report stock options on your tax return is crucial to avoid costly […]
Tax Filing Tips for Flight Attendants and Pilots
Pilots and flight attendants navigate a unique work environment; one that stretches across states, time zones, and even continents. While this lifestyle comes with freedom and travel perks, it also creates special tax challenges. Understanding how pilot taxes and flight attendant deductions work is essential for accurate filing and for avoiding missed opportunities to reduce […]
Tax Guide for Online Sellers: What Happens When You Sell Personal Items
Selling personal items online has become a common practice. Many people do this through platforms like eBay, Facebook Marketplace, Offerup, or Poshmark. Many people sell items they no longer need, such as clothing, electronics, or furniture. While selling a few personal belongings may seem straightforward, there are tax implications to consider. Understanding when and how […]
Partial Payment Installment Agreements Explained
Dealing with tax debt can be overwhelming, particularly when financial circumstances make full repayment impossible. The IRS offers multiple programs to help taxpayers manage obligations while avoiding aggressive collection actions. One of the most flexible and practical options is the Partial Payment Installment Agreement (PPIA), which allows taxpayers to pay the amount owed over time, […]