How IRS Figures the Profit On the Sale of Your HomeJoe Catalano
You typically don’t need to report inheritance money to the IRS because inheritances aren’t considered taxable income by the federal government. That said, earnings made off of the inheritance may need to be reported. Is your my inheritance taxed by the federal or state government? The ...
The IRS offers several free programs to help with income-tax filing, especially if your income is below a certain level or you have a disability or limited English-speaking skills. You can also get extra help if you’re 50 or older. The IRS also provides resources for answering tax questio...
Another way to incur tax liability is by swapping out your digital assets. A crypto trade is divided into two parts—a sale and a purchase. If you sell Bitcoin to buy Ethereum, for example, then the IRS considers the two transactions separately. ...
The IRS increased the 401(k) contribution limit to $23,500 for 2025, with a $7,500 catch-up for workers 50+, bringing total contributions to $31,000. Key Takeaways The 2025 401(k) contribution limit is $23,500, up from $23,000 in 2024. Savers 50 and older may contribute an add...
Stock options: If you receive stock options from your employer, you may have the opportunity to manage taxes by planning ahead on your exercise strategy. One risk to timing your stock plan transactions around taxes is building up excess exposure to one company. This is called concentration, or...
Buying a home is an intense process, especially for first-timers. I ended up buying my first home in July 2013. It was a crazy experience, and since then I've gotten a lot of questions about how to buy a house (and even wrote a book once upon a time on the very topic of mille...
One way to succeed in retail is by offering the preferred methods of your customer base. Learn the most common types and how to accept them.
of these transactions and they do so in the form of taxation. According to theInternal Revenue Service (IRS), income is "money, property, goods or services." It indicates that most income is taxable even if you don't use it right away or if it's paid to someone else on your behalf...
Ad valoremis a Latin phrase that means according to value.6An ad valorem tax is charged on a percentage basis. This results in an excise tax that is based on the value of the product or service. For example, theInternal Revenue Service (IRS)levies a 10% excise tax on indoor tanning se...