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

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

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 

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

How Can Small Business Owners Keep Good Records?

Good record keeping should be at the center of any business. In this TaxAssurances YouTube video I offer suggestions on how business owners can keep good financial records for their business.

Also, here’s a helpful IRS website that provides guidance on how business can keep good records: https://www.irs.gov/businesses/small-businesses-self-employed/recordkeeping

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

How Couples Can Withhold The Right Amount In Taxes

Married couples want to make sure they take out enough together when it comes to taxes. In this TaxAssurances YouTube video I walk through how couples can coordinate their taxes so that they don’t have any surprises during tax season.

Also, here is a helpful IRS website that helps couples make sure they set aside the right amount in taxes: https://www.irs.gov/forms-pubs/about-form-w-4 

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

Is Social Security Income Taxable?

In this TaxAssurances YouTube video I talk about scenarios were social security is taxable and when it is not.

For further information around social security income being taxable, here is a helpful link to the IRS website: https://www.irs.gov/newsroom/are-social-security-benefits-taxable 

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

FREE REVIEWS!!! That’s Why TaxAssurances Loves Turbotax.

At TaxAssurances we LOVE turbotax by intuit and all of the other self prepare tax software out there! We would give it away for free if we could.

To most people that sounds strange. Why would a professional tax preparer like something that cuts them out completely and is cheaper competition?

I’ll tell you why. FREE REVIEWS!!! That’s why TaxAssurances loves turbotax.

Over the years, in doing FREE REVIEWS of turbotax and other self prepared tax returns that have already been filed with the IRS, TaxAssurances has realized that between 25 – 30% of the returns were wrong. Flat out!

The taxpayer cheated themself out of a bigger tax refund because they didn’t want to “pay someone a lot of money just to put numbers in the computer.” They could “do it themselves and save money.” So when we’ve shown the taxpayer the hundreds or thousands of dollars extra in refunds they were entitled to but missed, they gladly pay the extra $250 or more to fix it and get their bigger refund. And tell friends what we did.

So if you’ve already done your own taxes over the last 3 years (2018, 2017, 2016) and filed it with the IRS, DM or call us today at 914-278-9241. We cover all 50 states and we’ll see if we can get an even bigger refund for you.

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

Couples & Money: Do Whatever Works for the Relationship

I’ve worked in financial services since 2000. During that time, I’ve had a chance to see how couples handle money together. It’s been insightful. Why?

Because when I first started helping clients manage their money I thought that EVERYTHING should be handled together. Helping them ACTUALLY manage their money changed that idea.

What I came to realize and what should have been obvious from the beginning, is that everyone is different. And that includes how people think and feel about money. Some people don’t care that much about it. Others see it as the ultimate form of security. Again, everyone is different.

What has also emerged from these experiences with couples and money is that there are 3 types of money relationships that couples have. Here they are:

  • Everything together
  • Everything separate and
  • Some joint and some separate

I’ll give a quick summary of each.

The first couples’ relationship type is the type that handles everything together. They have nothing but a joint bank account. They do their taxes together. They have joint investment accounts. The home is in both of their names. They see separate anything as almost “hiding” something from the other and could result in problems in the relationship.

The second couples’ relationship type is the type that handles everything separately. They bank separately, they file taxes separately. One doesn’t know what the other has in credit card debt or student loans or anything else. They just allow each other to handle what they are responsible for.

And finally, there are couples that mesh the two prior ideas. They not only have a joint account for shared bills and responsibilities but they also have separate accounts to handle their responsibilities.

But no matter what type of money couple a couple is, I’ve come to realize that as long as the relationship works for them, that’s all that matters.

So when it comes to handling money, couples just need to see what works for them.

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

Book Trailer for: Top 12 Tax Deductions You Might Have Missed

Here is the book trailer for the recently released, “Top 12 Tax Deductions You Might Have Missed: Tax Tips For People Who Do Their Own Federal Taxes” by TaxAssurances. We hope you like it.

To purchase the book, please visit us on Amazon.

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What Income is Taxable and Nontaxable According to the IRS?

Did you or someone you know receive money and you’re not sure if you have to pay taxes on it? Well, here’s a quick video from the IRS that lets you know whether or not you have to pay taxes on the money.

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

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