The midterm elections are just around the corner. If you’re one of the millions of Americans who will be serving as an election worker on November 6, you may have questions about your compensation—and the tax laws that apply to this income.In today’s...
Month: October 2018
Lottery jackpots come with huge tax penalties
Millions of hopefuls felt disappointed after they discovered Tuesday night that their Mega Millions lottery tickets did not match the winning numbers. The outlandish odds of winning the lottery did not discourage many Georgians from purchasing a ticket. The jackpot...
When the IRS sends you a letter in the mail
If you receive a letter in the mail from the IRS, it doesn’t necessarily mean you’re in trouble. They could be sending you a refund check. Or they could be contacting you to say that, after reviewing your tax return, they’ve found that you may be...
How to report extra income from side gigs
You’ve been working at your regular, full-time job for a few years now. This year, you decided to use your free time to earn a little extra income. So you started marketing yourself as a freelance consultant for local businesses in your area. The money you earn...
What is an FBAR and who needs to file one?
Do you have assets in foreign accounts? If yes, the United States requires you to include filings with the IRS disclosing your foreign interests.One form most people with overseas accounts need to file is the Foreign Bank Account Report (FBAR). While the purpose may...
How long should I hold onto my income tax records?
The conventional guidance on income tax returns is to file every year, and hold onto your tax records for at least three years after you file. However, there are certain situations under which those guidelines change—and additional factors that redefine those...
IRS updates rules for reporting charitable contributions
Many businesses reap the benefits of giving to charities. This generosity often leads to tax deductions, employee benefits and free publicity. Overall, giving is a good feeling. However, the perks that come with donating can be easily lost if taxes are filed...
Does overtime get taxed differently than regular time?
You’ve had a lot of extra expenses lately—and money has been tight. So when your boss gives you the chance to work overtime, you jump on it. Time-and-a-half pay is just the extra income you need.But when pay day arrives, the increase on your paycheck...
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