Crowdfunding platforms, such as Kickstarter, open a whole new world in business financing, but can end up being a confusing world for tax purposes. The proceeds aren’t like sales in the traditional sense, and the people who contribute are not stockholders. So, how should you handle income from a crowdfunding project? It’s important to report […]
From time to time, we all need a “do over” – even when it comes to our tax returns. Fortunately, if you’ve made a mistake on your original return or missed claiming a deduction or credit, the IRS has a solution. It’s called Form 1040X, Amended U.S. Individual Income Tax Return. Filing an amended return […]
It’s easy to put off filing your taxes. Life is jam packed with places to be and things to do. Finding time to organize your tax information and complete your return may seem hard. If you’re like many people, it’s not terribly hard to find reasons to procrastinate all kinds of things you need to […]
If you’ve been an employee all your working life, you’re probably used to having income tax withheld from your pay. When it comes time to retirement, however, you might be surprised to find you may need to make estimated tax payments on your income four times a year. For some people, the days of simply […]
It’s important to understand the type of health account you have or could have, so you can take full advantage of any tax benefits. Three common types of tax-advantaged health accounts are health savings accounts (HSA), health flexible spending accounts (FSA) and health reimbursement arrangements (HRA).