What Is Imputed Income? Meaning And Examples
January 3, 2025
Have you ever received a non-cash benefit from your employer and wondered if it affects your taxes? That’s where the concept of imputed income comes into play. While it might not seem like a big deal, imputed income can impact your taxable wages, your tax bracket, and even your financial planning. In this comprehensive guide,…
Can The IRS Seize A Financed Car? What You Need To Know
December 13, 2024
Yes, the IRS can seize a financed car if you owe back taxes and have not made arrangements to pay your debt. However, the process is not as simple as it sounds. The IRS will assess the value of the car and calculate whether it will provide significant value after paying off any remaining loan…
Understanding How Passive Income Is Taxed
December 5, 2024
Passive income can seem like the ultimate financial freedom-earning money while you sleep! But how is passive income taxed? Understanding the rules set by the IRS is crucial to manage your finances effectively. Let’s explore what qualifies as passive income, its taxation, and practical tips to ensure you’re on the right track. Need tax help?…
Understanding The IRS Dishonored Check Penalty
December 4, 2024
Have you ever written a check to the IRS only to have it bounce? The frustration of dealing with a returned payment is only compounded by the penalties imposed by the IRS. Known as the dishonored check penalty, this fee can catch taxpayers off guard and add to their financial stress. In this article, we’ll…
Are Royalties Taxable? What You Need To Know
November 27, 2024
Earning income through royalties can be a great opportunity, whether it’s from a book, music, or patents. However, knowing how royalties are taxed is key to managing your money wisely. In this guide, we’ll tackle the important question: Are royalties taxable? The answer is yes—and we’ll explain why and how. Do you need tax help?…