Under the new rules set forth by the IRS, if you got paid more than $600 for the transaction of goods and services through third-party payment platforms, you will receive a 1099-K for reporting the income. With this new, lower threshold for triggering the tax form, more individuals withs...
If you lent someone money at zero interest, you might assume that the loan has no tax implications. But you may owe imputed interest. When you don't charge interest on a loan, or make a “below-market-rate loan”, the IRS may still tax you. Imputed inter
Video: IRS Rules for Reasonable Business Expenses Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2024 • October 16, 2024 2:14 AMOVERVIEWYou can only deduct business expenses on your income taxes that the IRS deems "reasonable."...
April 15, 2025:Main deadline for filing federal taxes for the 2024 tax year. Extension Option:October 15, 2025, is the extended deadline for those filing late. Follow IRS Rules:Adherence to IRS guidelines is crucial for accurate filing. ...
To qualify for tax benefits, you must meet specific requirements, such as income limits, filing status, and dependent status. Be sure to stay abreast of any tax benefits you may be eligible for so you don’t miss out on tax savings. ...
The clowns in Washington have a different perspective, however, and they approvedthe Biden-Harris plantodramatically increase the IRS budgetbecause that supposedly would generate hundreds of billions of dollars in additional tax revenue. Well, they definitely achieved the first part. If you go to th...
Whether you have to pay for an IRA transfer depends entirely on your financial institution. Each investment firm has its own rules about what fees they charge (or don't charge) for transferring money somewhere else. As such, some firms may charge you for taking your business elsewhere. It'...
Reporting rental income and expenses Remember that if you’re not dealing with the Master’s rule, rental income is taxable and must be reported on your federal tax return. However, expenses related to the rental property, such as maintenance, repairs, property taxes, and mortgage interest, can...
Get up to date on all tax news from the IRS. The IRS is constantly updating us with law changes and new rules. Sometimes, it’s too much to keep up with. We’ll decipher the confusing lingo while you focus on staying current on what’s really important. ...
Tax tips for retirement Saving for retirement? TurboTax can help with your 401(k), IRA, stock options, Social Security, pensions, annuities and more. By TurboTax Jan 17, 2025 8:07 AM EST IRS extends deadlines for taxpayers impacted by L.A. wildfires ...