A security deposit is no considered income if you plan to return it to the tenant. If you keep part or all of the deposit, it must be included in your income that year.

You DO have to pay tax on tips reported to your employer. If you don’t report your cash tips to your employer, you risk the chance at being audited by the IRS.

Can a full-time student claim exempt and not pay taxes on their income? Students are not exempt from taxes. They have the same requirement as anyone else.

If a debt you owe is canceled or forgiven, you must include the canceled amount in your income. To avoid reporting this amount as income, the party who is owed the money may offer to forgive the debt as a gift to you.

An Archer Medical Savings Account (MSA) is a tax deductible savings account to save for medical expenses. This is a good savings account because it earns interest, which could be tax deferred or even tax-free.

An Archer Medical Savings Account (MSA) is a tax deductible savings account to save for medical expenses. This is a good savings account because it earns interest, which could be tax deferred or even tax-free.

Did you know that there is a standard medical mileage rate of 23 cents per mile? The mileage that you can include has to be primarily for, and essential to, medical care.t