Taxation is essential for funding public services and infrastructure. However, compliance with tax regulations varies, leading to the practices of tax evasion and tax avoidance. These terms, often confused, represent two different behaviors. This article goes into the specifics of tax evasion and tax avoidance, illustrated with specific examples to clarify their differences and implications. […]
RMDs on Inherited IRAs
Inheriting a retirement account can be a significant financial event. However, it also comes with specific responsibilities, including the need to navigate the rules surrounding Required Minimum Distributions (RMDs). These mandatory withdrawals ensure that taxes are eventually paid on the funds accumulated in tax-advantaged accounts. Understanding how RMDs apply to inherited IRAs is essential for […]
Student Loans and Taxes: What Current Students & Graduates Need to Know
Understanding how student loans impact your taxes is crucial for both current students and graduates. Whether you’re still in school or have already crossed the stage, grasping the tax implications of your student loans can save you money and prevent potential headaches down the road. In this comprehensive guide, we’ll break down everything you need […]
Taxes on Gambling Winnings
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 […]
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 […]