Taxgirl’s own Taxes From A to Z® series — breaking down tax concepts and terms one letter at a time, in plain English.
It’s my annual Taxes from A to Z series! If you’re wondering how to figure basis for cryptocurrency or whether you can claim home office expenses during COVID, you won’t want to miss a single letter. Y is for Yield Rate. If you own stock, you may receive a dividend (not all stocks pay dividends)….
It’s my annual Taxes from A to Z series! If you’re wondering how to figure basis for cryptocurrency or whether you can claim home office expenses during COVID, you won’t want to miss a single letter. X is for X Tax. Yes, there really is an X tax. And while it sounds like something developed…
It’s my annual Taxes from A to Z series! If you’re wondering how to figure basis for cryptocurrency or whether you can claim home office expenses during COVID, you won’t want to miss a single letter. W is for Wage Base. Wages and self-employment income are subject to Social Security and Medicare taxes. Together, Social…
It’s my annual Taxes from A to Z series! If you’re wondering how to figure basis for cryptocurrency or whether you can claim home office expenses during COVID, you won’t want to miss a single letter. V is for Voluntary Withholding. You already know that if you expect to owe tax at tax time, you…
It’s my annual Taxes from A to Z series! If you’re wondering how to figure basis for cryptocurrency or whether you can claim home office expenses during COVID, you won’t want to miss a single letter. U is for Undue Hardship. If you’d read any posts on extensions – like this one – you are aware that…
It’s my annual Taxes from A to Z series! If you’re wondering how to figure basis for cryptocurrency or whether you can claim home office expenses during COVID, you won’t want to miss a single letter. T is for Tax Home. You probably think of your tax home as where you live – and that…
It’s my annual Taxes from A to Z series! If you’re wondering how to figure basis for cryptocurrency or whether you can claim home office expenses during COVID, you won’t want to miss a single letter. S is for Sunset. Tax rules change a lot. But some of what is sometimes billed as change isn’t…
It’s my annual Taxes from A to Z series! If you’re wondering how to figure basis for cryptocurrency or whether you can claim home office expenses during COVID, you won’t want to miss a single letter. R is for Required Minimum Distributions. Generally, the goal of a retirement account is to defer tax – and…
For federal income tax purposes, if you claim a charitable deduction for an item or group of similar items of donated property worth more than $5,000, you must get a qualified appraisal signed and dated by a qualified appraiser. So what does that mean? A qualified appraisal is an appraisal document that: Is made, signed,…
It’s my annual Taxes from A to Z series! If you’re wondering how to figure basis for cryptocurrency or whether you can claim home office expenses during COVID, you won’t want to miss a single letter. P is for Personal Exemption. A personal exemption used to be an easy way to reduce your taxable income. …