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Apr 9, 2025It is any kind of interest you get that was: Examples of Taxable Interest Income: If the interest is less than $10, the credit union may not issue a form detailing it. You must record all income. The IRS enables rounding to full figures. If your interest income is 49 cents, you can round it […]
adminApr 9, 2025The profit or loss from self-employment is the difference between your revenue and costs. When your self-employment income exceeds your expenses, you profit. Conversely, when self-employment expenses exceed income, there is a loss. Self-employed individuals pay self-employment tax (SE). The SE tax is a Social Security and Medicare tax. What is self-employment? Self-employment entails running […]
adminApr 9, 2025Unearned income is money you get without actually toiling for it or providing services. Unlike earned income, which is payment for work, unearned income originates from investments or other passive sources. The IRS categorizes the following as unearned income: Because it is not subject to payroll taxes, unearned income does not qualify you for some […]
adminApr 6, 2025Your Adjusted Gross Income (AGI) is your total gross income minus specific deductions, commonly known as “adjustments to income.” It is an important amount on your tax return since it is used to determine your eligibility for various credits and deductions. Your gross income comprises the following: To determine AGI, deduct adjustments like: Line 11 […]
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