This blog series is here to bring you up-to-date tax tips, news, and how to find the best online income tax services.
Question of the Week: Should I file a Tax Return If I Receive Social Security Benefits?
Many people who receive Social Security benefits always wonder if their benefit is taxable and if they should file a tax return. To help answer this question, let’s first determine what Social Security benefits are.
Social Security benefits including the following below and may be taxable:
- monthly retirement
- disability benefits
Around tax season, you will receive Form SSA-1099, which will report the total benefits.
Did you know that all tips received are income and subject to federal income tax?
This includes tips:
- Received directly
- Charged tips paid by employer
- Shared tips received under a tip splitting or tip pooling arrangement
- The value of non-cash tips, such as tickets, passes, or other items
Have you started your side-hustle or thinking about starting one? If so, it’s time to determine how to turn your side-hustle from hobby to business.
Whether you’re an online influencer, travel blogger, artist or musician, you need to know your status and if the IRS recognizes your hobby as a business. This is important in determining if you need to file taxes.
So, let me explain the difference to you!