The IRS allows qualified taxpayers to deduct vehicle mileage related to business, charity, medical or moving purposes — but there are several important rules to know.
IRS rules on tax treatment of life insuranceLawyers USA Staff
Lend someone money at zero interest, and you don't make any profit from the deal. Therefore, you might assume that the loan doesn't have any tax implications for you. In many cases, though, you'd be wrong. The tax code expects you to charge a certain amo
On August 25, 2023, the US Treasury Department and IRS proposed new regulations for digital assets, set to take effect on January 1, 2025. These regulations aim to bring the tax reporting for digital assets in line with that of traditional financial instruments. Under the new rules, digital ...
An IRS rule can sometimes be used (but not abused) to claim tax-free rental income on your home.
I get asked this question a lot every tax season and the answers is usually, “it depends.” The processing engine is similar across most of them (after all tax rules are the same for all) but they do differ on usability, premium features and availability of “liv...
IRS steps back crypto tax rules, exempting TXs over $10K from obligations Jan 17, 2024 byBrayden Lindrea The U.S. Internal Revenue Service didn’t state when it intends to issue new regulations detailing how U.S. businesses must report cryptocurrency transactions. ...
Don't miss:Best tax software for small business owners in 2023: Save time filing and get your maximum refund The new "$600 rule" 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, ...
“We will likely have a three-year window of tax rules that are reasonably certain,” said Koepp. “As a result of the mid-term elections, divided government could both reduce market volatility and the likelihood of significant tax legislation.” Changes in 20...
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'...