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What Happens When You Don’t File?
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…
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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…
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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…