Any Answers Answered: IHT and student fees

Personal tax

* This article was originally published here Check out https://www.johannakimball.com

Comments

Post a Comment

Popular posts from this blog

How Teachers Can Deduct Educator Expenses

Image
Teachers, this one is for you. You give so much of your time, money, and energy to ensure your students have everything they need to succeed. Even so, we know you aren’t reimbursed for all the money you spend on necessary teaching materials or professional development courses for yourself. Thankfully, the Educator Expense Deduction has your back when it comes to lowering your taxable income. If you haven’t maximized your qualified teaching expenses for 2021 yet, now is the time to do so! As the holidays approach, you can give your students the gift of a fully stocked classroom ready to meet their needs while also giving yourself the gift of a tax write off next year. What is the Educator Expense Deduction? The IRS allows eligible educators to deduct up to $250 of qualified teaching expenses every year, as long as you were not reimbursed for these expenses by your school, a grant, or by some other means. If you are married, filing jointly, and both you and your spouse qualify as e
Read more

4 Common Misconceptions About the New 1099-K Reporting Threshold

Image
If the new 1099-K reporting thresholds have you confused as an eBay seller, you’re not alone. But don’t worry — eBay and TaxAct have partnered up to help you separate fact from fiction. Below we’ll address some common misconceptions you might have heard about these changes and the truth about how your taxes could be affected. Misconception 1: This is a new tax that I will have to pay on my profits. The truth: This year’s change is not a new tax imposed on online sellers but a new reporting requirement for eBay and other online marketplaces. Any income derived from a sale has always been reportable income for eBay sellers. Previously, you would not have received a Form 1099-K from eBay unless you hit 200 transactions and $20,000 in gross payments annually. In 2022, the IRS lowered this threshold. Now eBay and other marketplaces must report gross sales that equal or exceed $600 on a Form 1099-K. Due to these changes, many sellers who have not received a Form 1099-K before will be
Read more

Tax Information for Different Tax Filing Stages

Image
The tax information you need all in one place. We’ve put together a master list of helpful articles for your tax situation, whether you’re preparing to file, in the process of filing, or waiting for your refund. If you’re self-employed, we have a section for that too. Let’s dive right in. Individual filers Stage 1: Preparing to file Organize Your Way to Tax Day: 5 Steps for Success : Get ahead of that pre-filing stress and set yourself up for success this tax season with these tips for getting organized. Tax Preparation Checklist : Not sure what information and tax documents you’ll need to have handy when filing? This checklist will help ensure you have everything you’ll need to complete your income tax return. Top 6 Tax Changes You Should Know About for 2022 : What’s changed from last year? Here are the top six changes you should be aware of, including changes to the Child Tax Credit, Earned Income Tax Credit, and more. Top 7 Reasons to Switch to TaxAct : Why file with TaxA
Read more