Taxable Income & Non Taxable Income:

Know Your Taxable Income and Non-Taxable Income! An individual who has been filing taxes since a long time might find it hard to differentiate between taxable and nontaxable income, and might even think that wages and self-employment income is the only income considered for tax purposes. Lack of appropriate tax knowledge will invite inquiry, penalty […]

How Long Can The IRS Hold Your Refund For Review?

How Long Can The IRS Hold Your Refund For Review? There might be many reasons why the Internal Revenue service might review and hold off your refund. The general norm is to file for your income tax return via electronic means through a computerized system where the system scans and reviews your return application. In […]

What Happens If I Forget To Report a 1099-B?

The Consequences Of Forgetting To Report a 1099B The Proceeds from Broker and Barter Exchange Transactions are stated in form 1099B which barter exchanges and brokers essentially issue. The submission of this form is mandatory by the IRS in order to record on paper the gains or losses of taxpayers. Brokers must submit the 1099-B […]

What Is a 529 Plan?

529 plan– named on the section 529 of the Internal Revenue Code is a savings plan offering tax and financial aid benefits. This plan encourages saving for the future education expenditure and costs. Legally known as the ‘Qualifying tuition plans’ this plan is generally sponsored by the state agencies or any educational institutions. These savings […]

Figuring your Income Tax on Uber or Lyft Income

Making earnings through Uber or Lyft Income is quite exciting and hardest thing to assess personal taxes. Determining taxes of Uber and Lyft is much confusing task, because you are not an employee but individual contractor. Uber/Lift provides you with the tax summary where you can see your ride fares, tips and cancellation fees is […]