On the most basic level, artists who may not earn much or any of their income from the sale of their artistic output need to prove to the IRS that they are professionals and not just dilettantes.

The beginning of each year is a great time to start next year’s tax planning. One area to help reduce your tax obligation, that benefits from an early in ...

Transferring a home to your children can offer them divorce, creditor and tax protections as well as provide a mechanism for managing the property.

Families are often able to build up a substantial net worth through owning property, like a farm, or a small business.

Canadians who emigrate to the United States or elsewhere face many decisions and considerations associated with departure, but careful tax ...

He paid $750 in taxes ... basis. The Times also questioned whether the total paid to attorneys included fees that weren't directly related to business operations. This could run afoul of IRS rules ...

Decades ago, I inherited a valuable piece of art, and I’m now considering selling it to finance a grandchild’s graduate degree that will cost $80,000. What do I need to consider in regard to taxes? Do ...

Key findings from the Vertex 2024 End-of-Year Sales Tax Rates and Rules Report include: Global Trends to Watch In 2024, over 75 countries, including the U.S., held elections, paving the way for ...

(“Vertex” or the “Company”), a global provider of tax technology solutions, today released the findings of their 2024 U.S. state and local End-of-Year Rates and Rules Report. It highlights ...

The IRS is considering a change in its proposed rules on previously taxed income concerning the treatment of basis-sharing, an IRS attorney said Tuesday. The proposed rules on previously taxed ...

Tax season has officially begun, as the IRS is now accepting 2024 federal tax returns as of today, Monday, Jan. 27, 2025. Today also marks the first day taxpayers can use Direct File to submit ...

But most insurance proceeds have tax implications. Under the normal tax rules, amounts received for ... taxable profit or gain is based on your tax basis in the property sold, not its fair market ...