For many people of modest means, taking a second job has been a go-to option for seasonal and/or short-term additional earnings. Whether planning for special holidays, noteworthy family events, or a one-time purchase, a “side hustle” has enabled many families to have a few extra comforts to make life more enjoyable.
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Digital assets have become an increasingly popular method of payment and an asset for investment or trading. Because many transactions involving digital assets fall outside the scope of information reporting rules, on August 25, 2023, the government issued proposed regulations for them. The new rules are intended to make it easier for taxpayers to track and report their gain or loss from dispositions of digital assets, and to enable the IRS to focus its audit efforts on taxpayers more likely to have underreported income from digital asset transactions.
Lenders and banks check your credit before they approve you for new credit cards or loans. They do this to be sure that in the past you’ve paid your debts on time. If you have, you are more likely to pay your new loan or credit card payments on time.
The GASB (Governmental Accounting Standards Board) standards play a pivotal role in ensuring transparency and accuracy in financial reporting for governmental entities. GASB Statement No. 101, Compensated Absences, addresses a crucial aspect of accounting: compensated absences. This standard provides guidelines for how governmental entities should account for and report compensated absences, including vacation, sick leave, and other paid time off.
The majority of — if not all — employers understand that they must report the salary, overtime pay and bonuses that their employees receive as compensation for the jobs they perform. But did you know that the IRS also wants to know about other forms of taxable compensation?
Regardless of race, income, or geography, every family needs and deserves a place to call home. It’s a place not only for shelter from life’s many storms; but also, where families come after school or work, celebrate birthdays or holidays – and all the activities that together turn a house into a home. But in recent years, the ability to have a home – as a renter or as a home owner – has been an increasing financial strain.
NNPA NEWSWIRE — The IRS also plans to gradually expand the range of tax situations supported by Direct File. Over the coming years, officials said the goal is to accommodate the most common tax scenarios, focusing on those affecting working families. Announcements about new state partners and expanded eligibility are expected soon.
Summertime is for fun — and also, sometimes, for working a side hustle or doing gig work. Visit the Gig Economy Tax Center at IRS.gov to see how gig work can affect your taxes — or those of someone close to you. If you and your friends and family are reimbursed through payment apps for services during the year, you all should know that IRS Form 1099-K may be in your future. And if you want to know more about why or what to do with it, go to IRS.gov/1099k.
This entrepreneurial trend transcends specific sectors, impacting industries such as tech, healthcare, hospitality, and retail alike. It is hoped that 2025 will continue this growth, particularly among women of color. These entrepreneurs founded enterprises at record rates and created growth-oriented firms that resulted in job creation and transformation.
What is a new-collar worker? According to Indeed, new-collar jobs are associated with industries where employees develop their technical and soft skills, often in technology industries, through nontraditional education paths. In other words, applicants are considered for open positions even though they do not have a B.A., B.S., or graduate degree. Instead, the company practices skills-based hiring, considering aptitude and insight to determine excellent job candidates.