More and more people are becoming gig workers due to the massive layoffs in recent days. It can be an excellent way to get some short-term income—and some people find that they can make more money through gigs than with a full-time job. Of course, you can expect to pay some taxes anytime income is…
Common Tax Mistakes of Gig Workers
March 9, 2023
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Why Tax Stock Buybacks?
March 8, 2023
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Commentary The Biden administration has passed a 1 percent tax on stock buybacks. A stock buyback is when a public company uses its own cash to buy back its own stock. Sometimes it is financially in the best interest of the company to actually borrow money to buy back stock. Democrats dislike stock buybacks because…
The Fair Tax of 2023: A Great Idea with a Major Flaw
Commentary Twenty-five Republican members of the House of Representatives co-sponsored a bill to radically overhaul the U.S. tax system. The Fair Tax Act of 2023 (H.R.25) proposes to eliminate all federal income taxes, replacing the revenue with a national sales tax of 23–30 percent. The bill is well-thought out and extremely thorough. It effectively would…
IRS Flip-Flopping: Ineligible Americans Receiving Form 1099-K
March 8, 2023
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Some American taxpayers are reportedly receiving 1099-K tax forms from the Internal Revenue Service (IRS) even though they may not be legally obligated to file it, which comes amid the tax agency flip-flopping on the income threshold applicable regarding the form. The form 1099-K is a document sent by third-party networks like PayPal, Venmo, Amazon,…
How to Save for Health Care in Retirement
By Sandra Block From Kiplinger’s Personal Finance A health savings account provides one of the most-effective strategies to save for health care in retirement. Contributions are pretax (or tax-deductible, if your HSA isn’t employer-sponsored), the funds grow tax-deferred, and withdrawals are tax-free for qualified medical expenses. There are no income limits on HSAs, but you…
Capitol Report: Lawmakers React to Newly Released Jan. 6 Footage; 2 Americans Murdered in Mexico
March 7, 2023
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Newly released footage of Jan. 6 is making headlines. Lawmakers from both sides of the aisle are now responding to the release. President Joe Biden proposes to raise taxes on the wealthy to fund Medicare. How is the White House framing it, and why do Republicans say they won’t let Biden’s plan see the light…
How to Deduct Property Losses After a Hurricane
By Joy Taylor From Kiplinger’s Personal Finance Question: My home suffered significant damage from Hurricane Ian last year. Can I deduct the loss on my tax return? Answer: Personal casualty losses of individuals are deductible to the extent the losses are attributable to federal disasters, such as hurricanes, earthquakes, blizzards, wildfires, tornadoes or major flooding…
The Fair Tax Act Can Benefit All Americans
On Jan. 10, 2023, Rep. Buddy Carter (R-Ga.) introduced H.R. 25, the Fair Tax Act, to replace the current tax code with a national consumption tax known as the FAIRtax. “Each household will receive a monthly prebate based on federal poverty levels and household size that will allow families to purchase necessary goods, such as…
IRS Warns Taxpayers of Consequences for Failure to Meet Certain Tax Obligations
The Internal Revenue Service (IRS) this week issued a notice to “gig economy” service workers and those who receive a foreign source of income that they have to report potential tax obligations on income. An IRS release issued Mar. 1 says that taxpayers have to report income from the gig economy on their tax returns, “even…
Labor Under Scrutiny for Billion Dollar Public Spending Blowout
March 1, 2023
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Deputy Leader of the Opposition Sussan Ley has criticised Labor for lacking constraints in spending following the centre-left government’s move to double the tax on superannuation earnings for balances over A$3 million. She alleged that Labor is already spending A$115 billion extra over the forward estimates and that the recent super tax changes would raise…
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