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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 moreHow the IRS Views Earned and Passive Income

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 moreWhat to Do if You Cannot Afford to Pay Taxes

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 moreDo You Have to Pay Taxes On Unemployment Income?