How the IRS Views Earned and Passive Income

For the most part, when we think of income, it falls into one of two categories: earned and passive. Understanding the differences between earned income and passive income can provide you with the knowledge needed to improve the way money moves through your personal economy, as well as build up the income diversity that will … Read more

Capital Gains Tax Rules on the Sale of Your Home

Capital Gains Tax Rules on the Sale of Your Home 1

Like buying a home, selling one could be one of the biggest decision in your life. It is important to understand all the rules and factors to consider when selling your home, because knowing what to do and doing them right could save you thousands of dollars. When the time comes to sell your home … Read more

What to Do if You Cannot Afford to Pay Taxes

What can you do if you can’t pay the taxes you owe come April? Should you borrow from your 401(k) or is there an IRS tax payment plan option? This is especially important for many Americans that collected unemployment for the first time this year, and didn’t realize that unemployment benefits are taxable. Many of … Read more

Do You Have to Pay Taxes On Unemployment Income?

The U.S. unemployment rate continues to remain high at 9.1%. This means that many Americans are collecting their unemployment insurance payments, and many are doing so for the first time ever. Now that the tax season is here, some people are left wondering if unemployment payments are taxable or not. I had the same question … Read more

How to File a Federal Tax Extension

How to File a Federal Tax Extension 9

April 15 looms on the horizon. There may be any number of reasons that you are not prepared to file a tax return, from not having your dividend statements back, to waiting to get a home buyer tax credit, to straightforward procrastination. No matter your reasons, you can actually file for an extension. Any taxpayer … Read more