Crowdfunding is the act of funding a project by collecting small donations from a large number of individuals, often via the internet. 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 […]
What Medical Expenses Are Tax Deductible?
Tax deductions can drastically reduce your total tax liability and allow you to save money. While medical bills can be a significant hardship for many individuals and families, it is critical to understand that certain medical expenses are tax deductible. Understanding the eligibility criteria and documentation requirements will help you in optimizing your deductions and […]
Tax Tips for DoorDash and Uber Eats Drivers
Dealing with taxes as a gig worker can feel overwhelming, especially if you’re new to delivery driving with platforms like DoorDash or Uber Eats. As an independent contractor, it’s crucial to understand your tax obligations to avoid costly surprises. This guide will break down essential tax tips for DoorDash and Uber Eats drivers to help […]
Do Scholarships and Grants Affect My Taxes?
Scholarships and grants can significantly reduce the cost of higher education, making it easier for students to pursue their academic goals without accumulating substantial debt. While receiving financial aid is generally beneficial, many students and parents are unsure whether these funds are subject to taxes. The answer depends on how the money is used and […]
What is the Earned Income Tax Credit?
The Earned Income Tax Credit (EITC) is a significant tax benefit designed to support low to moderate-income working individuals and families. Enacted in 1975, the EITC aims to reduce poverty by supplementing the earnings of those in lower-income brackets, encouraging work, and lessening the tax burden on eligible taxpayers. Here’s a closer look at what […]
What is a Section 179 Deduction?
When it comes to running a business, one of the key goals is to minimize expenses and maximize profits. One often overlooked avenue for achieving this is by taking advantage of tax deductions. Section 179 of the Internal Revenue Code offers a powerful tool for business owners to significantly reduce their tax liability while investing […]