IRS Extends Tax Deadline for Storm Victims in Florida
Severe storms and tornadoes that occurred from April 12 to April 14 caused heavy rain and flooding to areas in South Florida leaving Broward County in a state of disaster. If you were impacted by these...
View ArticleHow Builders of Energy-Efficient Homes Are Rewarded with Expanded Credit
If you are a contractor or builder that builds or substantially reconstructs energy-efficient homes, you may be eligible for tax credits up to $5,000 for each home from 2023 to 2033. This credit was...
View ArticleThe Tax Implications of Ozempic and Wegovy
Two medications – Ozempic and Wegovy – are generating significant attention in the media. First, Ozempic (generic name Semaglutide) is a drug to help treat diabetes; according to their official...
View ArticleIRS Announces Tax Relief for Hawaii Wildfire Victims
The victims of the devastating wildfires in Hawaii are being offered tax relief from the IRS. If these fires — which began on August 8 — impacted you, we want you to know TurboTax is here for you, and...
View ArticleWhat is the Form 1099-NEC?
If you are self-employed, a freelancer, contractor, or work a side gig, you may be used to receiving Form 1099-MISC that reports your self-employed income at tax time. Beginning with tax year 2020, the...
View ArticleTurboTax Goes Behind-the-Scenes at the #NIL Summit
If you aren’t familiar with the term NIL, it refers to college athletes monetizing the use of their name, image, or likeness. Until 2021, the National Collegiate Athletic Association (NCAA) did not...
View ArticleUnderstanding the Tax Implications of Superyacht Tips
If you worked on a luxury superyacht this past summer, receiving a lucrative tip at the end of the charter (and splitting this cash among the crew) is often the highlight of the season. So how would...
View ArticleEverything You Need to Know About Property Taxes
After a period of record-breaking low mortgage interest rates, the housing market in the United States has started to slow down. With the prices of homes leveling out after a volatile couple of years,...
View ArticleTax Rules for Reselling Concert or Sport Tickets
It’s been a busy summer for concerts and sporting events. Maybe you snagged tickets to watch as Miami’s new hot Argentinian resident makes pink the new color of soccer or to see your favorite queen...
View ArticleDoes Your State Have a Deadline Extension This Tax Season?
Severe storms, tornadoes, floods, and mudslides have ravaged parts of the country during the past few months. If you were a victim of a natural disaster in an area designated as a federal disaster by...
View ArticleIRS Announces Tax Extension for California Filers
The IRS has extended tax deadlines for most Californian taxpayers until November 16, 2023. This extension applies to 55 out of 58 counties in California, excluding Lassen, Modoc, and Shasta counties....
View Article1099-K Form Reporting Threshold Delay Announced For Tax Year 2023
The IRS announced another delay in reporting thresholds for third-party settlement organizations (TPSOs) set to take effect for the upcoming tax filing season. The post 1099-K Form Reporting Threshold...
View ArticleIRS Grants Penalty Relief for 5 Million Tax Returns from 2020-2021
Look who’s getting into the holiday spirit! The IRS announced a new penalty relief to help those who owe back taxes. This will impact approximately 4.7 million individuals, businesses, and tax-exempt...
View ArticleHow to Report Self-Employment Income When You Have Multiple Side Gigs
Millions of people have diversified the way they earn income and joined the gig economy. This could be a side gig to help them meet financial goals, running their own small business, a second job, or...
View ArticleShould Married Couples File Jointly or Separately?
Like many of the decisions made in a marriage, the choices couples make are related to their specific situation. The same goes for the filing status you choose when you get married. After marriage,...
View ArticleTop Fun #TaxFacts You Need to Know
The words taxes and fun rarely go together in the same sentence, but here are a few fun state tax facts and federal scenarios…we promise they’re fun! Within your own state there are plenty of...
View ArticleTax Year 2023: Does Your State Have an Extended Deadline?
Navigating tax obligations while facing unforeseen challenges posed by a natural disaster can make for especially difficult times. If you were a victim of a natural disaster in an area designated as a...
View ArticleA Parent’s Guide to NIL
If your son or daughter is a college athlete, they are allowed to participate in NIL (Name, Image, and Likeness) activities without impacting their NCAA eligibility. This policy change will mean...
View ArticleTaxes Done? Find Out Which Tax Records You Should Keep
Before you throw all of your tax documents up in the air after filing to celebrate the occasion, we need to discuss just how long you should keep that info in a safe and secure place. That’s right, you...
View ArticleCan You Deduct 401K Savings From Your Taxes?
Contributions you make to your 401(k) plan can reduce your tax liability at the end of the year as well as your tax withholding each pay period. 401(k) plan contributions. The post Can You Deduct 401K...
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