Tax Law Changes in 2023
Are you ready for the new tax law changes coming in 2023? Because it’s a whole new ball game! Here are the major changes that you should know about: August 2022: Inflation Reduction Act Clean energy tax credits for homeowners Rebates for electric vehicle purchases Expanded IRS Enforcement 15% corporate minimum tax Tax on stock […]
Primer: When Cancellation of Debt (COD) Income Can Be Tax-Free
Sometimes debts can pile up beyond a borrower’s ability to repay, especially if we are heading into a recession. But lenders are sometimes willing to cancel (forgive) debts that are owed by financially challenged borrowers. While a debt cancellation can help a beleaguered borrower survive, it can also trigger negative tax consequences. Or it can […]
Crowdfunding: Is It Taxable?
Crowdfunding is a national and international phenomenon. Over $17 billion is raised yearly in North America through world-famous websites such as GoFundMe and Kickstarter. All this crowdfunding activity leads to an obvious question: Is the money raised this way taxable income for the recipients? You might be surprised to learn that the courts and the […]