Ah, taxes! They’re as certain as the sunrise, and just like that snooze button you press on Monday morning, it’s tempting to put them off. But what if you decide not to file your tax return at all? Could you just slip under the radar? Well, not exactly. Let’s take a light-hearted journey through what […]
Author: Victoria Kramr
Why are there “Passive Activity Loss Rules?”
The 1986 tax code introduced the Passive Activity Loss (PAL) rules, which aimed to curb the use of tax shelters by wealthy individuals. Before 1986, many taxpayers could use losses from passive activities (like real estate investments where they weren’t actively involved) to offset other types of income, reducing their tax liability. The new rules […]
Bartering: A Taxable Event
We would say fun fact Friday, but honestly how fun can tax facts be? Either way, did you know that bartering is taxable? Taxation of Bartering: The IRS considers bartering—a trade of goods or services—as taxable income. So, if you exchange your web design services for a few free meals at a local restaurant, the […]
How Can Marriage Affect Taxes?
Getting married can be a game-changer for your taxes, but don’t worry—it’s not all spreadsheets and calculations! 🎉 When you tie the knot, the IRS sees you as a single financial unit, which means you can choose to file jointly or separately. Filing jointly usually comes with benefits like a higher standard deduction, more tax […]
Estimated Taxes: What to Know
First some things to remember: Now, here’s how you can do it: Lastly, please call us if you are concerned and absolutely tell us if you have a large sum of income that could be taxable or if your income vastly changed from the previous year. It is our goal to help you avoid penalties […]
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