Most Americans know that income they earn from a business or in an employee paycheck must be reported to the IRS as potentially taxable income. But what about your personal assets? If you sell something of your own and make a profit, is this taxable on your income tax return? On the other hand, can a loss be used to reduce taxable income? Here's what you need to know
- If you live in a state where sports betting is legal, it is important to understand the tax implications of it Winnings Are Taxable Income First, when you engage in sports betting, it is important to understand that any gambling winnings you earn are taxable income, like other income forms. You have to report income that you win from gambling on your taxes. It is cons
- While some people simply use a concierge accounting service (CPA) when they file their taxes, others tap into broader services. Here, the accounting company works with you more closely on a rolling basis—you don't just use them when your taxes are due. But, what are the advantages of signing up for a CPA? 1. Get Personalized Financial Help If you use a CPA to file you