IRS Form 5754 – How to Split Gambling Winnings and Losses
Gambling winnings and losses are generally reportable on an individual's income tax return. In some cases, the prize money is split between 2 or more individuals using Form 5754.
2022 Tax Refunds – Who Is Still Waiting?
Tax refunds are slowly starting to make their way to taxpayers, but many are still waiting. What are the delays?
2022 Tax Season – Why Is My Refund So Low?
Tax season is underway and many taxpayers are disappointed with the amount of their federal tax refunds. In this article we discuss some of those common reasons why refunds are lower than last year.
2022 Tax Season – The IRS Changed my Tax Refund Amount
Did the IRS adjust your expected refund amount? Many times a taxpayer will file a tax return and the IRS will automatically make changes before issuing the refund. Changes can be made to increase or decrease your refund amount.
2022 Tax Season Updates – Where is My Refund?
2022 tax season is in full swing and many taxpayers have already received that refunds. However, some are still waiting. So, what's the hold up?
IRS Crypto FAQ Updated on Form 1040
The IRS aggressively pursuing taxpayers who fail to disclose their cryptocurrency gains and losses on their income tax returns. The IRS website has recently updated their FAQ.
YouTuber Royalty Income and the US Federal Tax Consequences
YouTubers with monetized channels can generate advertising revenue in the form of royalty income. For U.S. source royalty income paid to nonresidents, those receipts may be subject to federal income taxes.
2022 Tax Season – Make Sure to File Your Taxes
2022 tax season is here. It's important for every taxpayer to review their tax situation and determine whether they need to file an income tax return. If you have to file, make sure to file timely!
Form 1040 Common Filing Errors – What Went Wrong?
Taxpayers are only human. So, it is not uncommon for individuals to make mistakes on their income tax returns. This article and video we discuss some of those common filing errors.
Trader Tax Status (TTS) – How to Report on Form 1040
A day trader may qualify for trader tax status (TTS) for federal tax purposes. The appeal of qualifying for TTS is the taxpayer can deduct ordinary and necessary business expenses connected with that trading business.