Cash loan value of your life insurance Commissions.The IRS could also seize and sell property that you hold, such as your house, car, or boat.Below is a sample list of IRS notices you might receive which lists the amount due, when it's due, and your payment options. Each notice includ...
Various expenses for the business use of your home can be claimed on Form 8829, including rent, mortgage interest, insurance, utilities, real estate taxes, home repairs, and more. Form 8829 has four parts that are used to calculate (1) the percentage of your home used for...
What are 1099s? The 1099 tax form is a common IRS form covering several potentially taxable income situations. Depending on what’s happened in your financial life during the year, you could get one or more 1099 tax form “types” or even more than one of the same 1099 forms....
Partnership, Estate, and S-Corporation income (Schedule K-1s, Taxpayer’s share) Prizes Punitive damage Railroad retirement Rewards Royalties Severance pay Signing or sign-on bonuses: Many employers offer a signing bonus when hiring a new employee. This bonus is still taxable income that is subjec...
A like-kind exchange doesn't eliminate taxes; it just pushes them into the future. Say you paid $20,000 for a piece of business or investment real estate and sold it for $30,000 ($30,000 - $20,000 = $10,000 capital gain). Rather than have the $10,000 profit taxed...
To understand more about tax deductions, visit ourSelf-Employed Tax Deduction Calculator for Contractors. Let a local tax expert matched to your unique situation get your taxes done 100% right withTurboTax Live Full Service. Your expert will uncover industry-specific deductions for more tax breaks ...