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What do I need to report from my 1099-K?
Contributed by: Daniel_L, FreeTaxUSA Agent Form 1099-K Form 1099-K reports electronic payments you received for goods or services through credit cards, debit cards, or any other third-party payment network like Venmo or PayPal. Your 1099-K filer or issuer records these transactions. When the threshold is met by dollar…
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What counts as deductible travel expenses?
Contributed by: KelliP, FreeTaxUSA Agent, Tax Pro Knowing what travel expenses are deductible can be confusing such as meals, transportation, and lodging. As a self-employed individual, generally most, if not all, travel expenses can be deducted. Business travel expenses are reported on Schedule C. There are certain…
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Reporting Name, Image and Likeness (NIL) income
Contributed by: KristineS, FreeTaxUSA Agent, Tax Pro Congratulations! Your sports prowess was just monetized into an NIL deal! Not only do you get to do cool things like endorse national brand labels, drive a sports car from a major car dealership, eat at up-scale restaurants or a local favorite hamburger joint, wear…
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When to report Paid Family Leave and Family Leave Insurance on your taxes
Contributed by: BarbaraL, FreeTaxUSA Agent, Tax Pro Taking time off for the delivery of a new baby or to care for a family member? You might get money from Paid Family Leave (PFL) or Family Leave Insurance (FLI). No surprise—this income can affect your taxes. Don’t worry! In this article, we’ll explain what PFL and FLI…
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Why is my mortgage interest deduction limited?
Contributed by: Henry, FreeTaxUSA Agent, Tax Pro The IRS allows homeowners to claim a mortgage interest deduction for mortgage interest and points paid on a loan secured by your home, whether it’s your main home or a second home. However, to prevent disproportionately benefiting higher-income homeowners, the IRS has set…