Is All My Income Taxable?
Generally, all sources of income are subject to income tax unless specifically excluded. Here are some sources of money that are not taxable: Read more
Posts
Changes Scheduled for Flexible Spending Accounts
Flexible spending accounts (FSAs) are popular with employees because they permit the use of pretax dollars for payment of medical expenses and dependent care costs. Read more
Taxes are Due on Self-Employment Income
There is no income tax withholding on self-employment income, but that doesn’t mean you’re not required to pay taxes during the year. Read more
A Lesson from the IRS for Students Starting a Summer Job
WASHINGTON – IRS SUMMERTIME TAX TIP 2012-03 – School’s out, but the IRS has another lesson for students who will be starting summer jobs. Summer jobs represent an opportunity for students to learn about the tax system. Read more
Six Tips for People Who Pay Estimated Taxes
IRS Tax Tip 2012-65 – You may need to pay estimated taxes to the IRS during the year if you have income that is not subject to withholding. This depends on what you do for a living and the types of income you receive.
These six tips from the IRS explain estimated taxes and how to pay them. Read more
Be Diligent About Saving Your Tax Records
You’re probably getting ready to sort out last year’s financial records and prepare for this year’s recordkeeping. But what should you keep and what can you throw away? Here are some suggestions. Read more
Four Tax Tips Regarding Tip Income
WASHINGTON – IRS TAX TIP 2012-14 – If your pay from work involves compensation through tips, then the IRS would like you to be aware of a few facts about tip income. Here are four key points to keep in mind: Read more