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Tax Tips & News: taxable

Automatic Tips To Be Treated As Taxable Wages

5 minutes read

“Gratuity Included” Going Extinct?

We’ve all been out to a restaurant and received a bill where gratuity–usually around 18%–was included in the bill.  This routinely occurs when larger groups dine together.  However, this practice may be going extinct as a change in the tax rules starting January 1st, 2014 will view automatic gratuities as a “service charge”, which opens them up to be taxed as wages.

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Tips For Taxpayers With Foreign Income

3 minutes read

Foreign Income Is Taxable

The Internal Revenue Service is reminding U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2011, that they may have a U.S. tax liability and a filing requirement in 2012.

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4 Tips: Unemployment Benefits

3 minutes read

4 Tax Tips For Those Collecting Unemployment Income

Unemployment can be stressful enough without having to figure out the tax treatment of the unemployment benefits you receive. Unemployment compensation generally includes, among other forms, state unemployment compensation benefits, but the tax implications depend on the type of program paying the benefits. You must report unemployment compensation on line 19 of Form 1040, line 13 of Form 1040A, or line 3 of Form 1040EZ.  

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When Is Income Non-Taxable?

3 minutes read

Non-Taxable

Although most income you receive is taxable and must be reported on your federal income tax return, there are some instances when income may not be taxable.

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Airline Miles Taxable?

4 minutes read

Citibank's Clients

Citibank recently sent out 1099 forms to thousands of it’s clients indicating that their redeemed airline miles are taxable to the tune of 2.5 cents per mile and listed as miscellaneous income. This of course caused an immediate uproar not only because Airline miles could cost additional money in taxes, but also because if they’re not reported on your income tax return, the chances that the taxpayer will get hit by an Audit increases (not to mention additional penalties...

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