The Internal Revenue Service reminded taxpayers today that they must again answer a digital asset question and report all digital asset-related income when filing their federal income tax returns for fiscal year 2022, just as they did for fiscal year 2021. The term "digital assets" has replaced the term "virtual currencies," a term used in previous years

Tax Credits vs. Tax Deductions – The government can provide a tax deduction or a tax credit to incentivize specific activities. Tax deductions reduce income subject to tax, whereas tax credits reduce the amount of taxes owed. Which is more valuable? As with most tax answers, it depends on the situation.

What do printer ink, client lunches, and shipping costs all have in common? They're business expenses—the costs incurred while operating your business. And, as long as you run a for-profit company, you can deduct many of these expenses from your taxable income to help your business's finances at tax time.

When separating or filing for divorce, there is more to it than meets the eye. Tax considerations also come into play and can influence how you file. With so many provisions, it's best to be informed.

When dealing with the loss of a loved one, one of the many requirements that you must be aware of is that the surviving spouse or representative must submit the deceased person's final tax return. The surviving spouse or representative will report the person's death on the final tax return. The IRS does not require any additional notification of the death.

Amongst some of the considerations to make when separating or divorcing are tax considerations.

Taxpayers who are selling their home may qualify to exclude all or a portion of the gain from their income when filing their tax return. Here are some considerations for homeowners when selling a home: