We all know that we must pay both income and social security taxes on employment income as well as any contract labor. But the IRS levies income taxes on some other sources of income too – some more surprising than others. If you received a windfall or other unexpected funds in 2010, chances are the IRS will view it as income. Read below for some of the most overlooked items.Taxable ItemsGenerall
Search results for taxable
Surprising Things That Count as Taxable Income
Posted 107 days ago (http://www.mydollarplan.com)
I recently filed my taxes and much to my disappointment I ended up owing taxes. While paying taxes is not itself a bad thing, after all I did not give an interest free loan to Uncle Sam, what really hurts is that if I had undertaken a few actions earlier in the year I could have avoided or significantly reduced my tax bill. These tax reduction strategies are simple, possibly good investments and
Unemployment Benefits Are Taxable
Posted 176 days ago (http://www.bargaineering.com)
Last year was a year to forget, especially if you were one of the many millions to lose their job. Fortunately, through various stimulus packages and other laws, unemployment benefits were extended to help people through a difficult time. Unfortunately, some of those unemployment benefits are taxable as income. Fortunately, for the 2009 tax [...]Unemployment Benefits Are Taxable from personal fin
Taxable Investing: Where To Get Started?
Posted 234 days ago (http://frugaldad.com)
One of the benefits of writing a blog, and attracting an audience, is that I get to learn from others much smarter than me on a variety of subjects. This is one such opportunity! I am interested in doing some taxable investing because we have maximized contributions to the various retirement accounts for which we [...]Post by Frugal Dad
Additional Income: Is It Taxable?
Posted 286 days ago (http://www.moolanomy.com)
We’ve briefly touched on the topic of paying income taxes on eBay sales in the past, but a lot of people are unsure as to whether additional income in general needs to be reported to the IRS. By additional income, I’m referring to anything that’s not part of your usual pay packet, which can include [...]
Cash for Clunkers Taxable Income?
Posted 334 days ago (http://frugaldad.com)
I made the mistake yesterday of sharing a link with Twitter followers indicating the Cash for Clunker rebate would be treated as taxable income. Astute followers quickly pointed out that the link I shared was from a site spreading a false rumor about the Cash for Clunkers tax implications for buyers.Instead, I should have checked out the [...]
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