What does it mean to be semi-retired? That will depend greatly on who you ask; semi-retired for a professional basketball player might mean no game playing but plenty of on-air appearances on pre-game shows, post-game wrapups, and the like. But a semi-retired military person might have a military retirement check coming every month but still work full or part time for a government agency as a Civil Service employee, a worker at an AAFES … [Read more...]
How to Report Foreign Pension Income
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...]
Where does your paycheck go?
A young friend recently got her first “real” job and was very excited at the prospect of her huge, enormous paycheck. And sometime during this celebration, she learned that taxes would be taken out of her paycheck. Never mind that she somehow made it to her mid-20’s without realizing this, but when she asked me how much would be taken out, I told her that a rough estimate I like to use when I’m calculating pay is that you will take home around … [Read more...]