The usual rule in any legal matter is that two spouses are treated as the same entity by virtue of their marriage. Typically, when spouses file joint tax returns, each one of them is jointly and severally liable for the…
“Income is income from whatever source.” That is the age-old, IRS’ definition of taxable income under the tax code. Essentially, incomes from all sources are taxable, unless specifically exempted by the law. Whether you earn it through a salary, hourly…
Yes, if your side gig qualifies as a genuine business (with a profit motive) and meets both federal and New York State rules for deducting losses. That means you must show that your expenses directly relate to an active, profit-seeking…