For several years now, the IRS has required payments made to merchants through various marketplaces, payment processors (credit & debit cards), and third-party settlement organizations (TPSOs) to be reported on Form 1099-K. …

If you are engaged in an activity that produces income, the big tax question is whether the activity is a hobby or a business. The tax treatment of your income or loss from this endeavor hinges on the answer. …

Tax lingo, even without getting into the weeds of the Internal Revenue Code, tax regulations, IRS rulings, etc., can be confusing. Two frequently used terms that taxpayers sometimes think provide the same tax benefit, but don’t, are “tax deductions” and “tax credits.” Although a tax deduction and a tax credit…

Few things have captured the attention of so many people in recent memory like the word-based game Wordle. It’s one part crossword, one part Sudoku — players have to guess the word of the day through equal parts strategy and luck. Based on their guesses, colored tiles tell players when…

These days the tax return is used for more than just collecting taxes. It has also become a tool for the government to provide social benefits. This article discusses the various reasons and resulting benefits available to you when you file, even if you are not required to, as you…

Your tax forms are coming soon. Make sure you receive everything you need for your 2021 return. What tax forms to expect when tax season comes. Your tax documents for the 2021 return should have arrived, or will soon. Here is what you need to watch for. If you…

IRS Identity Verification — In November of 2021, the Internal Revenue Service launched an improved identity verification and sign-in process that enables more people to securely access and use IRS online tools and applications. …

Disabled individuals, as well as parents of disabled children, may qualify for a number of tax credits and other tax benefits. Listed below are several tax credits and other benefits that are available if you or someone listed on your federal tax return is disabled. Increased Standard Deduction Since a change in the…

If you think that education credits are just for sending your children to college, think again — the credits are available to you, your spouse (if you are married), and your dependents. …