Tagged: individual income

Picture of a stone sign on the IRS building in Washington, D.C. 0

The Important Distinction Between Business Deductions for Owners versus Employees

People often wonder if they can deduct certain items as a business expense on their tax return. While personal expenses are generally not deductible, non-reimbursed business expenses may be deductible even if you are not the owner of the business. That said, business income and expense items for owners and independent contractors are taxed quite differently than similar items for...

Closeup of IRS signage near an entrance to the IRS building in Washington, D.C. 0

Do I Have to Count That As Income?

Tax season is just around the corner and you might be asking yourself if you need to claim something as income. The IRS defines gross income very broadly as any goods, money, property, or services derived (or received) from any source,[1] including sources outside the United States.[2]  Income includes wages, tips, interest, dividends, gains on the sale of property or...