Income Archives - FREE Yourself from IRS Problems

Shamsey Oloko February 27, 2023 Capital Gains, Capital Losses, Digital Assets, Income, Income Exclusions, Income Tax, Income Tax Return 0

What Are Digital Assets?

In 2014, the IRS issued guidance explaining that virtual currency is treated as property for income tax purposes. It stated that tax principles applicable to transactions involving other types of property apply to virtual currency. In the last two years, the…

Shamsey Oloko January 17, 2023 Income, Income Tax, Income Tax Return, IRA, Retirement Accounts, Roth IRA 0

If You Are Age 72 or Over, You Must Make Required Minimum Distributions from IRAs and Retirement Plans to Avoid Penalties

If you are a taxpayer, you are required to take annual Required Minimum Distributions (RMDs) from your IRA and retirement plans when you reach age 72. Every year as the new year begins, the IRS reminds us that if you…

Shamsey Oloko January 9, 2023 Employee Classification, Form 1099-K, Income, Income Tax, Internal Revenue Code, Payment Card Transactions, Third-Party Payment Network 0

FAQs About Form 1099-K

Many taxpayers have questions about Form 1099-K as it is a relatively new information return used by the IRS. If you have questions about Form 1099-K, the following should provide some answers. If you need to know more and have…