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 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...
 Introduction Individual Retirement Accounts (IRAs) allow individuals to save for retirement with tax benefits. However, when funds are withdrawn, different tax rules apply based on account type (Traditional or...
Introduction Dividends are payments made by corporations to shareholders as a return on investment. The IRS categorizes dividends into ordinary dividends and qualified dividends, which are taxed at different...
 Introduction Interest earned on a savings account or certificate of deposit (CD) is considered taxable income and must be reported to the IRS. Banks and credit unions issue Form...
Introduction Depreciation is a critical tax deduction for businesses, allowing them to recover the cost of assets over time. The Internal Revenue Code (IRC) §167 and §168 define depreciation...
 Introduction Dependent care benefits help working parents and caregivers pay for childcare and dependent care services. Many employers offer Flexible Spending Accounts (FSAs) or direct reimbursements for dependent care...
 Introduction Medicaid waiver payments are made to caregivers providing home and community-based services (HCBS) for individuals with disabilities or medical conditions. However, the tax treatment of these payments depends...
 Introduction Tips are taxable income and must be reported to the IRS. Many employees in service industries (e.g., restaurant workers, bartenders, and hotel staff) receive cash tips, credit card...
Introduction Employers are required by the IRS to issue Form W-2 (Wage and Tax Statement) to employees by January 31 each year. However, some employees may not receive their...