If you’re like millions of Americans, you may have discovered trading cryptocurrencies can be fun and, if you’re lucky, profitable. Figuring out how to pay your taxes on all those profits? That’s a different story. In the past decade, crypto has exploded in...
Employers can reimburse employees for some healthcare-related costs. The key is following IRS regulations. Small business health insurance costs are rising every year, and employers are on the lookout for ways to reduce their own costs and also partner with their...
1. Credit Card Interest If you made business purchases on your credit card, you might be able to deduct credit card interest on your Form 1040 federal tax return. The IRS considers qualified business purchases as ones that are “ordinary and necessary” for the...
A capital gain is when you sell an investment or an asset for a profit. When you realize a capital gain, the proceeds are considered taxable income. The amount you owe in capital gains taxes depends in part on how long you owned the asset: Long-term capital gains are...
The simplest answer is yes: Social Security income is generally taxable, though whether or not you have to pay taxes on your Social Security benefits depends on your income level. If you have other sources of retirement income, such as a 401(k) or a part-time job,...
Self-employed people can still save for retirement – and benefit from valuable tax breaks – even if they don't have a job with a 401(k). Whether you're starting your own business, freelancing on the side to earn some extra income or you lost your job and are doing...