More Americans than ever before – an estimated one in four – are taking so-called “side gigs” to bring in extra money. Whether it is walking dogs on the weekends, renting out your home occasionally through Air BNB or another similar service, delivering, or hauling passengers with a ride-share service like Lyft or Uber, “side hustles” generate hundreds of billions of income annually.
Income from “side hustles” must be reported to tax authorities
Equifax breach could bring long-term tax woes
Earlier this month, consumer credit giant (and one of the “big three” reporting agencies responsible for evaluating the creditworthiness of millions) announced a massive data breach. Hackers infiltrated the company’s databases, compromising confidential information of an estimated 143 million Americans.
Is the issue of Internet taxation “nexus” heading to SCOTUS?
A court case pitting the state of South Dakota against online retailers Wayfair, NewEgg and Overstock is likely to head up to the nation’s highest court on appeal soon. The case, State of South Dakota v. Wayfair Inc., 28160-a-GAS, Supreme Court of South Dakota (Pierre), came down in favor of the Internet sellers who challenged a state law requiring any online retailer who collected more than $100,000 in annual to pay sales taxes on transactions.
Is your hobby actually a business venture?
Many of us enjoy hobbies in our free time. Whether its crafting or woodworking, building websites or small engine repair, hobbies offer a respite from everyday life in the form of stress relief and building personal skills.
New House proposals aim to stave off IRS forfeiture abuses
Last week brought a potentially huge development in the long-standing fight against abuses of IRS authority in civil forfeiture cases: The U.S. House of Representatives passed via voice vote the Clyde-Hirsch-Sowers Restraining Excessive Seizure of Property through the Exploitation of Civil asset forfeiture Tools (RESPECT) Act.
Distinguishing tax avoidance from tax evasion
The difference between tax avoidance and tax evasion may seem solely like a semantic one, but to the IRS, the differences are important.
