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...]
Beware of a New IRS Audit Scam
You do your taxes every year. Your taxes are pretty simple, so you do them yourself. No big deal. You get a small refund and you think you're done. Then you get a letter from the IRS. A Letter from the IRS You open the mail one day to a letter from the IRS indicating that you actually owe them a bit of money back. You still earned a refund, but because there was an error in your taxes, you need to pay back a small amount. Let's say it's … [Read more...]
Complete Your Tax Return Early
Most people think of April when they think of tax season, but I'm here to advocate that you should make a point to complete your tax return in March (if you haven't done it already). Why Should You Complete Your Tax Return in March? While some people (like me) enjoy the satisfaction of completing my tax return, many people very much dread the process. There's so much paperwork. So many numbers. And it can be overwhelming. But if you give … [Read more...]