On-demand drivers for ridesharing companies, such as Uber or Lyft, are not employees and are instead considered independent contractors for tax purposes.

Don’t panic! Here are some ideas for getting your tax bill paid and minimizing interest and penalties.

“Kiddie Tax” is the term used for the tax on certain unearned income of children taxed at the parent’s rate instead of the child’s rate. Children typically

A partnership is the relationship existing between two or more persons who join together to carry on a trade or business. Each person contributes money,

Which records should you keep? You should keep information that you and the IRS need to determine your correct tax. Everyone should keep the following records.

Rental income includes any payment received for the use or occupancy of property. In addition to normal rent payments, the following items are reported as

Assets in a custodial account belong to the minor. Any income earned in a custodial account is taxed to the minor. A custodian, usually an adult relative,

Principal residence defined. A principal residence is your main home, which is the home where you ordinarily live most of the time. You can have only one main

Income and expenses related to short-term rental of your home, a room in your home, or a vacation home, must be reported on your tax return. Expenses may need

You pay self-employment tax when net earnings from self-employment are $400 or more. You are self-employed if you carry on a trade or business as a sole proprietor (including farmers) or as a general partner in a partnership.

Virtual currency is not legal tender and it is not backed by a central government or bank. It is decentralized and is global. It is a digital representation of value that functions as a medium of exchange, a unit of account, and a store of value other tha...

The Small Business Health Care Tax Credit is reduced if the employer had more than 10 full time equivalent employees (FTEs) for the tax year.

Generally, taxpayers should itemize deductions if the allowable itemized deductions are greater than the standard deduction.

A stock option allows (but does not obligate) an employee to buy a specified number of shares of stock from a company for a specified price during a specified

Receiving an IRS notice is usually no cause for alarm. Every year the IRS sends millions of letters and notices to taxpayers. In the event one shows up in