Is Any Of The Cash I Receive For Work I Do Taxable?

Assuming that any cash only income is more than the standard deduction, it is taxable.

Also, here is a helpful IRS website that explains the reporting requirements around cash based income. https://www.irs.gov/newsroom/heres-what-people-should-know-about-reporting-cash-payments

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Taxes And Gambling

Any money that people win from gambling is taxable.

In this TaxAssurances YouTube video, I walk through how one of my tax clients accounted for his gambling winnings on the tax return we prepared together and how he was able to use his gambling losses as a tax benefit on that same return.

Also, here’s a helpful link to the IRS website that summarizes how to account for gambling winnings and losses. https://www.irs.gov/taxtopics/tc419 

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How Can a Married Spouse File Head of Household?

For a number of reasons some married couples want to file their tax returns separately. Usually that means they have to file their individual tax returns as “married filing separately.” Unfortunately, filing that way causes them to lose certain valuable tax credits.

However, there is a way they can file as “Head of Household” and keep those credits. In this TaxAssurances YouTube video I walk through those options.

Also, here is a helpful IRS website that provides more guidance for couples that want to file their tax returns separately but still keep valuable tax credits: https://www.irs.gov/publications/p504#en_US_2019_publink1000175861

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Tax Deductible Business Travel

Business owners can deduct the expense of their business related travel. In this TaxAssurances YouTube video I talk about ways business owners can deduct the expense of business travel.

Also, here’s a helpful IRS video on tax deductible business travel: https://www.irs.gov/taxtopics/tc511 

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews.