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How the Sharing Economy Affects Your Taxes

Posted by Taylor Bennett on Dec 19, 2019 8:16:00 AM
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Topics: Taxable Income, Personal Finance, Taxes

Tax Treatment of Virtual Currency Transactions

Posted by Taylor Bennett on Nov 21, 2019 8:03:00 AM
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Topics: Taxable Income, Personal Finance, Taxes, Record Keeping, Tax Return

Year-End Tax Planning for Individuals

Posted by Missy Dennis on Nov 6, 2019 8:05:00 AM
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Topics: Taxable Income, Personal Finance, Taxes, Tax Return, Tax Planning

Reporting Foreign Income

Posted by Taylor Bennett on Oct 28, 2019 8:16:00 AM
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Topics: Taxable Income, Personal Finance, Taxes, Foreign Income Taxes

Tax Advantages of S-Corporations

Posted by Taylor Bennett on Oct 24, 2019 8:31:00 AM
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Topics: Taxable Income, Business Ownership, Taxes, Small Business

Taxable vs. Nontaxable Income

Posted by Taylor Bennett on Oct 14, 2019 8:33:00 AM

All income is taxable unless the law specifically excludes it, but as you might have guessed, there's more to it than that. With that in mind, let's take a closer look at taxable vs. nontaxable income.

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Topics: Taxable Income, Taxes

Are Social Security Benefits Taxable?

Posted by Taylor Bennett on Oct 9, 2019 8:06:00 AM

Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable.

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Topics: Taxable Income, Personal Finance, Taxes, Social Security

Your Canceled Debt Could Be Taxable

Posted by Taylor Bennett on Sep 24, 2019 9:06:00 AM

Generally, debt that is forgiven or canceled by a lender is considered taxable income by the IRS and must be included as income on your tax return. When that debt is forgiven, negotiated down (when you pay less than you owe), or canceled you will receive a Form 1099-C, Cancellation of Debt, from your financial institution or credit union. Form 1099-C shows the amount of canceled or forgiven debt that was reported to the IRS. Creditors who forgive $600 or more of debt are required to issue this form.

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Topics: Taxable Income, Taxes