Certain life events can impact your tax filing status and amount of refund. We have all the information you need to make the correct decisions.
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The IRS considers unemployment compensation to be taxable income?which you must report on your federal tax return. State unemployment divisions issue an IRS Form 1099-G to each individual who receives unemployment benefits during the year.
If you received dividends from any of your investments this year, you may have to pay income tax on these payments. The Internal Revenue Service considers dividends to be taxable income. So regardless of the amount of your dividend payments, you should report them on your tax return.
Get guidance on federal income tax requirements for estimated taxes to accurately pay what you owe.
Whether you do contract work or have your own small business, tax deductions for the self-employed can add up to substantial tax savings.
If your business claims a net loss for too many years, or fails to meet other requirements, the IRS may classify it as a hobby, which would prevent you from claiming a loss related to the business. If the IRS classifies your business as a hobby, you'll have to prove that you had a valid profit motive if you want to claim those deductions.