The number of freelancers in the U.S. is steadily rising. In 2017, there were 57.3 million freelancers. In 2023, there were 73.3 million. By 2028, Statista projects there will be 90.1 million freelancers. That is an increase of over...
Tax-loss harvesting involves selling investments that have lost value and replacing them with similar — but not identical — assets to maintain your portfolio’s balance while creating tax advantages. For example, you might sell a stock or mutual fund...
Sales taxes are levied by percentage on finished products at the point of sale, but the rules and rates can vary significantly by jurisdiction. Only four U.S. states — Delaware, New Hampshire, Montana and Oregon — have no sales...
Before you can determine whether an individual providing services should be treated as an employee or an independent contractor, you must consider all the relevant facts regarding the degree of control you have over the worker and the amount...
How to Avoid Tax Pitfalls With Your Vacation Rental Property Purchasing a vacation home and renting it when you are not using it is an excellent way to help finance the property. However, the tax aspects of renting your...
How Can I Turn My Hobby Into a Business? Maybe you see how an off-hours activity can become a profitable company. Or perhaps you have a spouse who brings in sufficient income to support both of you, and you’d...
Staying proactive and detail-oriented can help you avoid the most common inaccuracies on your business taxes. Easily avoided mistakes are surprisingly common. These errors include providing an incorrect Social Security number, making math errors or entering the wrong bank...
The IRS’s annual “Dirty Dozen” memo lists 12 tax scams you should watch out for. The education effort wants to protect you from tax traps like identity theft or being misled into claiming tax credits you’re not entitled to....
Tax Tips for Marriage Status Changes The IRS generally considers whether you’re married, separated but not legally separated, or divorced at the end of the year. Marriage status is important in filing taxes; it not only determines filing requirements...
Tax Benefits for Homeowners What tax deductions, programs and housing allowances are available to you as a homeowner? Let’s explore a few options that the IRS makes available. If you have a mortgage, you may deduct the interest paid,...