Introduction Selling stocks or real estate can lead to capital gains or losses, which affect your taxable income. Stocks and investment properties are taxed differently than primary residences. This...
Introduction Lottery winnings and gambling earnings are taxable income and must be reported to the IRS. Whether you win a jackpot, sports bet, or casino prize, the IRS requires...
Introduction U.S. taxpayers are required to report all worldwide income, including foreign earnings, rental income, interest, and dividends. The IRS offers credits and exclusions to prevent double taxation, but...
Introduction If you received income reported on a Form 1099 and failed to include it on your tax return, the IRS will likely detect the omission and may issue...
Introduction Unemployment benefits are considered taxable income by the IRS and must be reported on your tax return. Many taxpayers fail to withhold taxes from unemployment payments, leading to...
Introduction Freelancers and self-employed individuals must report all business income to the IRS and are responsible for paying self-employment tax. Unlike traditional employees, they do not have taxes withheld...
Introduction Cryptocurrency and NFTs are classified as property for tax purposes, meaning they are subject to capital gains tax when sold, exchanged, or used for purchases. The IRS has...
Introduction Some Social Security recipients receive lump-sum payments for previous years due to delays in benefit approvals or retroactive payments. These payments can increase taxable income in the year...
Introduction Social Security benefits may be taxable depending on your total income and filing status. Up to 85% of benefits can be subject to federal income tax if income...
Introduction Pension and annuity payments provide retirement income, but their taxation depends on how the contributions were made—whether pre-tax or after-tax dollars were used. This guide explains when pension...