Note: The content of this video applies only to taxes prepared for 2010. It is included here for reference only. The IRS charges taxes on certain gifts that people make during the year. Learn about the IRS rules for Gift Tax with help from TurboTax in th
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
The IRS on Tuesday announced its new inflation-adjusted tax brackets for 2025, with the annual income thresholds rising by about 2.8% from 2024 — the smallest jump in several years. The IRS each fall announces inflation-adjusted changes to the tax brackets and dozens of other provisions for...
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A controversial new tax-reporting policy involving payments over $600 on e-commerce platforms like eBay and Etsy will be delayed by one year, the IRS said.
In recent years, the IRS has turned up the volume on assessing and enforcing Form 3520 Penalties — and specifically large Foreign Gifts. Learn More taking over for other tax law firms We specialize exclusively in offshore tax and reporting disclosure. If you have lost confidence in your curren...
The IRS may revoke your passport if you have “seriously delinquent” tax debt. Book your strategy session What is a seriously delinquent tax debt? IRS CP508C Notice certifies your tax debt as a seriously delinquent federal tax debt revoking passport issuance. There are strategies to avoid the...
Once you have a grand total of the itemized deductions, you enter that on your Form 1040. Who needs to file a Schedule A tax form Schedule A is for itemizers — people who opt to pick and choose from the multitude of individual tax deductions out there instead of taking the flat-dollar...
RELATED:IRS adds new webpage to prep for tax season A single transaction of more than $600 could require the third-party platform to issue a 1099-K. Money received through third-party payment networks from friends and relatives as personal gifts or reimbursements for personal expenses is not ...
Child Tax Credit (CTC) Student loan interest deduction Taxable qualified retirement plan distributions Examples of situations not included in a simple Form 1040 return: Itemized deductions claimed on Schedule A, like charitable contributions, medical expenses, mortgage interest and state and loc...