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…
IRS Warns Taxpayers of Consequences for Failure to Meet Certain Tax Obligations
How to Avoid Costly Medicare Mistakes
If you’re approaching 65, signing up for Medicare is looming ahead. It’s the first step to usher in retirement, and there are strict rules as to when you sign up. If you receive your insurance through the public marketplace, it’s imperative that you sign up for Medicare on time. But are there penalties for not…
Tax-Filing Facts for Working Families
Tax season can be nerve-wracking for many American families. There are a lot of deductions that need to be taken advantage of, and the tax laws constantly change. There are some changes this year that will affect your return. For example, COVID-era tax breaks have expired, which may reduce some families’ refunds. But it’s not…
Sellers and Accountants Applaud Delayed 1099-K Reporting
A required 1099-K form for services from third-party payment networks has been delayed. A 1099-K will not have to be issued for services over $600. Although there is a top number where they will be issued, in tax year 2022, the lower threshold will not count. Many people, like freelancers and online sellers, use third-party…
IRS Delays Tax Document
By Kelley R. Taylor From Kiplinger’s Personal Finance Q: I Have a Side Job and I’m Paid via Venmo. Will I Be Getting a 1099-K Form to Report This Income on My Tax Return? Answer: Not yet. At the end of 2022, the IRS delayed implementation of the so-called $600 rule, which had caused a…
How Seniors Can Avoid an IRS Tax Audit
Many people, particularly retirees, are often surprised when they get notified of a tax audit by the Internal Revenue Service. Being audited can be unnerving, especially when some seniors think they are immune. The reality is that the IRS can audit anyone if the IRS thinks that tax forms are not honestly reporting income, expenses,…
Looking for a Student Loan Interest Deduction? You May Still Qualify
February 15, 2023
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During the pandemic, students who had government student loans did not need to make any loan repayments. The interest was also stopped from accumulating, beginning Mar. 13, 2020. At the same time, borrowers were able to deduct interest paid on their loans up to $2,500 per year from their taxes. Last year, President Joe Biden…
The Coordinated Attack on Your Money
Like many governments around the world, the Biden administration seems determined to limit Americans’ monetary freedom by taxing it away, and by manipulating and controlling how they store and spend their money. Here are a few examples of how this is happening. Let’s start with the most obvious, which is the loss in purchasing power…
Family Finances: Reshopping Auto Insurance in a High-Inflation World
By David Rodeck From Kiplinger’s Personal Finance The auto insurance market, like the rest of the economy, is dealing with the aftermath of a global pandemic and soaring inflation. “Insurers went from record profits in 2020 to record unprofitability,” says Adam Pichon, general manager of auto insurance at LexisNexis, a data analytics firm. “Many insurers…
How Much Retirement Income Can I Make Without Paying Taxes?
Paying taxes was something you did most of your life. Now that you are getting closer to retirement, you dream of a time when taxes are no longer something you have to pay. Besides, you want to keep as much of your retirement savings and Social Security in your pocket as you can. Although it…
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