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Avoiding surprises as a business owner is crucial to ensure you have a successful business. The same goes for managing your personal finances. By subscribing to our blog and newsletter you get the latest updates on the world of finance and taxes. Additionally, by visiting our main topic categories below you can educate yourself on the various topics regarding tax education, personal finance, and business ownership. 

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Small Business: Tax Consequences of Crowdfunding

Posted by Missy Dennis on May 28, 2020 8:26:00 AM

With the onset of the coronavirus pandemic, crowdfunding websites such as Kickstarter and GoFundMe have become an increasingly popular way for small business owners to stay afloat. The upside is that it's often possible to raise the cash you need; the downside is that the IRS considers that money taxable income. Let's take a closer look at how crowdfunding works and how it could affect your tax situation.

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Topics: Taxable Income, Business Ownership, Taxes, Small Business

Are Social Security Benefits Taxable?

Posted by Scott Farnes on Mar 24, 2020 8:02:00 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, Taxes, Retirement, Social Security

How the Sharing Economy Affects Your Taxes

Posted by Taylor Bennett on Dec 19, 2019 8:16:00 AM

If you've ever used--or provided services for-- Uber, Lyft, Airbnb, Etsy, Rover, or TaskRabbit then you're a member of the sharing economy and it could affect your taxes. The good news is that if you've only used these services (and not provided them), then there's no need to worry about the tax implications.

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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

If you've invested in Bitcoin and decide to sell you need to consider the impact of virtual currency transactions on your taxes. Here's what you should know:

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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

With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax burden for 2019.

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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

If you are living or working outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship.

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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

As a small business owner, figuring out which form of business structure to use when you started was one of the most important decisions you had to make; however, it's always a good idea to periodically revisit that decision as your business grows. For example, as a sole proprietor, you must pay a self-employment tax rate of 15.3% in addition to your individual tax rate; however, if you were to revise your business structure to become a corporation and elect S-Corporation status you could take advantage of a lower tax rate.

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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

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