The federal student loan “pause” is coming to an end on August 31 after more than three years. If you have student loan debt, you may wonder whether you can deduct the interest you pay on your tax return. The answer may be yes, subject to certain limits. The deduction is phased out if your
recordkeeping Archives - Crawford Ellenbogen
Aug 10, 2023
Can you deduct student loan interest on your tax return?
- By Joan Ellenbogen
- Taxes
- 0 Comments
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Jun 15, 2023
Being a gig worker comes with tax consequences
- By Victor Dozzi
- Taxes
- 0 Comments
In recent years, many workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out restaurant meals, walk dogs and drive for ride-hailing services. But so-called gig work seems to be expanding. Today, some nurses have become gig workers and writers in Hollywood who recently went on
Feb 17, 2022
Important tax aspects of operating your business as a sole proprietor
- By Joan Ellenbogen
- Business, Taxes
- 0 Comments
If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. Here are eight important issues to consider: 1. You report income and expenses on Schedule C of Form 1040. The net income is taxable to you regardless
Jan 4, 2022
Gig workers should understand their tax obligations
- By Victor Dozzi
- Taxes
- 0 Comments
The number of people engaged in the “gig” or sharing economy has grown in recent years. In an August 2021 survey, the Pew Research Center found that 16% of Americans have earned money at some time through online gig platforms. This includes providing car rides, shopping for groceries, walking dogs, performing household tasks, running errands
Jul 28, 2021
IRS audits may be increasing, so be prepared
- By Victor Dozzi
- Taxes
- 0 Comments
The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audit these days, that will be little consolation if yours is one of them. Latest statistics Overall, just 0.5%
May 12, 2021
Working in the gig economy results in tax obligations
- By Victor Dozzi
- Taxes
- 0 Comments
Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several reports. And reductions in working hours during the pandemic have caused even more people to turn to gig work to make up lost income. There are tax consequences for the people who perform