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Coronavirus-Related Distributions and Loans

Posted on April 3rd, 2021

The Coronavirus, Aid, Relief, and Economic Security (CARES) Act made it easier to access savings in IRAs and workplace retirement plans for those affected by the coronavirus. This relief provided favorable tax treatment for certain withdrawals from retirement plans and IRAs, including expanded loan options. Read More…

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What is Taxable vs Nontaxable Income?

Posted on February 1st, 2021

Are you wondering if there’s a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there’s more to it than that. Read More…

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What is the Excise Tax? Taxable Goods and Services

Posted on January 3rd, 2021

An excise tax is a tax that is generally imposed on the sale of specific goods or services, or on certain uses. Examples of things a federal excise tax is usually imposed on include the sale of fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, and tobacco, as well as other goods and services. Excise taxes are imposed on a wide variety of goods, services, and activities and may be imposed at the time of: Read More…

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Are Tips Taxable? | Reporting Tip Income: The Basics

Posted on March 1st, 2020

The short answer is yes, tips are taxable. If you work at a hair salon, barbershop, casino, golf course, hotel, or restaurant, or drive a taxicab, then the tip income you receive as an employee from those services is taxable income. Here are a few other tips about tips: Read More…

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7 Tips to Help You Figure out if Your Gift Is Taxable

Posted on September 1st, 2019

If you’ve given money or property to someone as a gift, you may owe federal gift tax. Many gifts are not subject to the gift tax, but there are exceptions. Because gift tax laws can be confusing, here are eight tips you can use to figure out whether your gift is taxable. Read More…

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