Business Income
This video give a short explanation of what constitutes business income and expenses, that good recordkeeping is key to help with balanced tax reporting and recommends resources on IRS.gov for more information. | 5 months ago | Do You Barter?
Monica Baker describes what you may not know about bartering.
| 2 years ago | Tax Consequences of Canceled Debt
Cancellation of debt income is taxable as ordinary income. The Internal Revenue Code Section 61 provides that gross income means all income from whatever source derived. This code section specifically includes “income from discharge of indebtedness” as an item of gross income from cancellation of credit card debt, foreclosure of personal residence, or cancellation of an automobile loan.
| 3 years ago |
|