Passive Income vs. Nonpassive Income: Key Differences Explained
Passive Income vs. Nonpassive Income: Key Differences Explained Income is the foundation of financial security, but not all income is created equal. Broadly speaking, earnings can be categorized as passive income or nonpassive (active) income. Understanding the...I am always taking Tax Law training to stay sharp. I’ve been focusing on 2024 changes. This one is a whopper! WHO MUST FILE A SCHEDULE C? Schedule C is filed by those considered “Self-Employed” by the IRS. Many people are using TikTok and are getting...
Extensions Give You More Time to File — Not to Pay
Extensions Give You More Time to File—Not to Pay Federal income taxes are due on April 15th, and Virginia state income taxes are due on May 1st. Many taxpayers are surprised to receive additional bills after filing their tax returns, even when they believe they’ve...Can both parents claim the same child on their taxes?
“Navigating Tax Filing After Divorce: Who Gets to Claim the Kids?” In 2024, 41% of first marriages ended in divorce, leading to complex issues when children are involved—especially during tax season. A common question is: who gets to claim the children on...Tax Credits do not always result in a refund!
Salesperson: Congratulations on your Solar Installation. You will be receiving a $12000 federal tax refund! Taxpayers often hear this from many salespersons. Unfortunately, this information is incorrect. What this taxpayer would actually receive is a $12000 federal...26
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