It’s happened to many of us at some point—you may be walking along a street and look down. Lo and behold, there’s a $20 bill in your path. Or maybe it’s a silver bracelet. Either way, it’s found property. The tax ramifications of finding a $20 bill
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How to get a VAT refund Visitors to countries with VAT still have to pay it, but they can qualify for a refund on certain items. (The European Commissiondefines a visitor as "any person who permanently or habitually lives in a country outside the EU.") ...
TheIRS defines hobby sellingas an activity that you engage in for sport or recreation with no intent to make a profit. So, suppose you start selling your hobby pieces on Etsy to make a profit or start depending on your hobby selling as your livelihood. In that case, you risk the IRS cl...
Select defines credit card sign-up bonuses and how these welcome offers and the rewards that come with them can benefit new cardholders. Getty Images Opening up a new credit card is a great way tobuild credit, and sometimes you can even be rewarded for doing so. ...
There are two basic types of 501(c)(3) organizations. One is a public charity which the IRS defines as “not a private foundation.” Public charities receive most of their income from the general public or from the government. Public support must be broad rather than limited to just a fe...
The IRS generally defines “fair market value” as the price a willing buyer would pay a willing seller for the property or services. Can unearned income be included in taxable income? Unearned income is generally all income other than salaries, wages, and other amounts received as pay for ...
Filing status is a category that defines the type of tax return form a taxpayer must use when filing their taxes. Filing status is tied to marital status.
Household income is the combined gross cash income of all members of a household. The Census Bureau defines a household as a group of people living under the same roof whether they're related or not. Household income is used to evaluate the economic health of an area or to compare living ...
Tax planning is the analysis of afinancial situation or planto ensure that all elements work together to allow you to pay the lowest taxes possible. A plan that minimizes how much you pay in taxes is referred to astax efficient. Tax planning should be an essential part of an individual inv...