Taxable Income | The TurboTax Blog

What Does an IPO Mean for Employee Taxes?

March 29, 2019 April 1, 2019 / TurboTaxBlogTeam

As you’ve probably seen, there’s a wave of tech companies with hotly anticipated Initial Public Offering (IPO) announcements expected this year which could have the effect of creating thousands of millionaires overnight and countless more who’ll see their financial situation...

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Income and Investments

How Much Your March Madness Bracket Will Cost You at Tax Time

March 15, 2019 March 18, 2019 / Jim Wang

Last year, ESPN estimated that March Madness bets would total to the whopping amount of about $10 billion. That’s real money, and real money comes with real tax implications. How much your March Madness bracket will cost you at tax...

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Self-Employed

Is Your Pet Insta Famous? Here’s What It Means for Your Taxes

February 27, 2019 February 28, 2019 / TurboTaxBlogTeam

Does your pooch have more Instagram followers than you do, receive free doggy swag bags and seem to be all-around living his #bestlife? If your furbaby is making money as an influencer, it could be viewed by the IRS as...

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Tax News

Oscars and the Taxation of “Swag Bags”

February 24, 2019 February 25, 2019 / TurboTaxLisa

The outfits are picked, parties planned, and the votes for the 2019 Oscar winners will be tallied. Today, Hollywood’s nominees will gather for the 91st Academy Awards ceremony. And while most hopefuls will not be walking away with the coveted,...

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Income and Investments

Here’s How Gambling on College and Professional Sports Affects Your Taxes

January 23, 2019 / Jim Wang

Every year, I join a fantasy football league with my friends and every year, I lose. So for me, unfortunately, my limited sports gambling has no impact on my taxes. But if you frequently place bets on sporting events, and...

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Income and Investments

How Are Gambling Winnings Taxed?

July 5, 2018 January 10, 2019 / asbbaines

Most people don’t think about taxes on their way to the casino. But what might seem like nothing more than a fun night in Las Vegas actually carries significant tax consequences if you win. Failure to properly report your haul can result in serious penalties and headaches you just don’t want.

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Income and Investments

Pre-Tax Dollars: What Does It Mean and How Can I Use It?

April 6, 2018 / Ginita Wall, CPA, CFP®

Pre-tax, after-tax, who cares? Everything gets taxed, right? Well, not always. There are some employee benefits that are never taxed, and you can also benefit from deferring taxes for many years. Benefits That Aren’t Taxed: If an employer pays the...

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Income and Investments

Bonus Time: How Bonuses Are Taxed and Treated by the IRS

November 9, 2017 January 10, 2019 / asbbaines

Bonuses can change your tax situation depending how large the bonus and what methods employers use to tax the income. Find out how bonuses(supplemental income) are taxed.

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Income and Investments

3 Tax Reasons for Why You Should Think Twice Before Betting on the Big Game

September 16, 2017 / Jim Wang

Are you ready for some football? If so, maybe you’ve been thinking about putting a little money on the game, and if you are, it’s important to know that there may be tax implications. Like other sources of income, gambling...

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Income and Investments

What Is Supplemental Income and How Is It Taxed?

July 24, 2017 / Ginita Wall, CPA, CFP®

Are you in line for a bonus at work? Lucky you! But don’t count on the entire bonus amount appearing in your paycheck. We all know that federal taxes will be taken out for part of your bonus, and your...

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