Do you know how to report foreign income on your federal tax returns? The Internal Revenue Service has specific requirements for reporting this type of income on your IRS tax forms. What follows is NOT tax advice--you will need to consult a trained tax professional to discuss how you should approach the latest tax laws. You should also know that tax law changes every year and you’ll need a tax professional or an IRS representative to help you … [Read more...]
Is Patreon Money Taxable?
Is Patreon money taxable? Before reading any further, be advised that this article is NOT tax advice, nor should it be construed as such. Consider this some basic information that is meant to help you ask the right questions of a tax professional or help you in your own research of official IRS publications that address the issue or the state equivalent of such taxation resources. What Is Patreon? Patreon is a crowdfunding platform. The … [Read more...]
How To Cut Your Tax Bill By Donating
Do you want to know how to cut your tax bill by donating? This is a question asked every year at tax time, but the answer tends to change frequently because the United States tax code changes on a regular basis. Deductions allowed last year may not be permitted this year, and vice versa. What follows IS NOT TAX ADVICE. If you have tax questions, consult a qualified tax professional or search the IRS official site for answers to specific … [Read more...]
Tax Deductions and Benefits Self-Employed Workers Can Enjoy
Thanks to advances in technology, more and more people are becoming self-employed. And there are a lot of perks that come with self-employment. Being your own boss is a great feeling. And when it comes to tax time, there are a number of tax deductions and benefits that you can take as well. Let's start with the common ones: Supplies, Advertising, Education, and Travel You can deduct the full cost of office supplies and advertising. That … [Read more...]
How to talk to a live person at the IRS
I have seen a lot of questions recently about how to navigate the IRS's automated phone system so you can talk to a live person at the IRS. While automated systems can be great, sometimes you just need to talk to a human, and it can be hard to figure that out through the IRS's system. Recently, I came across some great information about how to get a live person at the IRS and wanted to make it easily available to you. Step one - Call the IRS … [Read more...]