Does Prize Money get Taxed?

Categories: Federal Tax

A common question people have about taxes is whether prize money is considered taxable income. And further, whether athletes pay tax on prize money. Here’s a look at how the IRS and the state of California classify prize money when it comes to taxes. Prize money is considered any money received from awards, raffles, lottery…

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I Owe the IRS Money and Need a Payment Plan

Categories: Federal Tax

Tax season is upon us, and there are few things that create more stress than owing the Internal Revenue Services (IRS) money. Unfortunately for many taxpayers, owing money on taxes is a reality of life. But what happens when you owe the IRS money, but don’t have the full amount to make the payment by…

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Are You Aware of Changes to Your Online Sales Tax?

Categories: Federal Tax

There’s been a change in how states are collecting sales tax from online purchases. If you’re a taxpayer and have ordered anything online – which is pretty much all of us – then you need to be aware of this sales tax law and how it affects you. In 2018, the United States Supreme Court…

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