IRS Provides Guidance on the Taxation of Bitcoins and Virtual Currency

IRS Provides Guidance on the Taxation of Bitcoins and Virtual Currency

Yesterday the IRS answered this long standing question about the taxation of virtual digital currency, announcing that virtual digital currency like Bitcoins should be taxed as property instead of currency for federal tax purposes and the same rules that apply to property transactions like the sale of stocks apply to virtual currency. So what does this mean for you if you’re a tech savvy taxpayer dabbling in trading this form of currency? Full story

How Profitable and “Liked” are the Top Four World Series Contenders [Infographic]

How Profitable and “Liked” are the Top Four World Series Contenders [Infographic]

The average value of Major League Baseball teams continues to rise with an all time record hitting $605 million during the past year. With the top four Major League Baseball teams slugging it out for a top spot in the World Series this week, we thought it would be fun to do an infographic showing how profitable and “liked” the top four World Series contenders are. Full story

A Stream of Revenue: A Breakdown of Sources of Personal Income [Interactive]

With the election coming, the latest news these days is all about tax rates, taxes collected, and sources of income. Your tax rate can be impacted not only by how much you make, but also the sources of income. For instance, wages, business income, and investments are taxed at different rates. Do you know the different sources of income? Check out our interactive to see where taxpayers’ personal income comes from by income level. Full story

What Income Percentile Are You [Interactive]?

People are always worried about keeping up with the Joneses when it comes to income. They wish they could have the same luxuries as their neighbors or friends who make more money than they do. We have provided this cool interactive that allows you to input household incomes and see what percentile they fall in when comparing U.S. and world income. You may be surprised to find you are in the same percentile as your neighbor you envy so much. Full story

Cashing Out: Lottery Winnings After Taxes

Last Friday everyone scrambled to get that last mega millions lottery ticket and anxiously awaited the announcement of the biggest jackpot in U.S. lottery history. But lottery participants aren’t the only ones excited about the lottery frenzy. Some state governments are just as ecstatic since the taxes on one lump-sum payment could mean millions in state revenue. Check out our interactive showing an example of how a much smaller (but I’ll take it) lottery winning would be taxed. Full story