#income tax
What to Know About Taxes on Found Property
It’s happened to many of us at some point—you may be walking along a street and look down. Lo and behold, there’s a $20 bill in your path. Or maybe it’s a silver bracelet. Either way, it’s found property. The tax ramifications of finding a $20 bill are negligible. The bracelet is a different story if it has any value. Now the Internal Revenue Service gets involved. See the full TurboTax article to get the breakdown on how the IRS treats found propertyattax time.
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Side-Giggers: Tax Tips for Side Jobs
Having a side gig can help you make ends meet or build your rainy day fund. Income from freelance work, running your own small business or working at a second job brings in extra income without requiring you to quit your day job. But, like your main source of income, a second job or side gig must be reported on Form 1040 at tax time. To learn more, see the full TurboTax article.
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Do You Have to Claim Pell Grant Money on Your Taxes?
The IRS treats a Pell grant as a scholarship, which means it’s possible that you’ll have to report the grant money on your tax return and maybe even pay income tax on the money. For details, see the complete TurboTax article.
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Top 4 Red Flags That Trigger an IRS Audit
Certainred flags in a tax return are sure to draw scrutiny by the IRS. Some are easy to sidestep. Others, can’t be helped. These include:
- Not reporting all of your income
- Breaking the rules on foreign accounts
- Blurring the lines on business expenses
- Earning more than $200,000
To find out more, read the full TurboTax article.
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