The nature of your campaign and how you go about collecting funds play a big role in whether the IRS will deem the money you raised to be taxable. So, if you want to avoid a headache at tax time, k…
Crowdfunding organizations, such as GoFundMe, have made it easier than ever to raise and collect funds for personal causes.
The nature of your campaign and how you go about collecting funds play a big role in whether the IRS will deem the money you raised to be taxable. So, if you want to avoid a headache at tax time, knowing the rules helps.Donations can be considered nontaxable gifts for tax purposes, according to the IRS.
If an employer donates to a crowdfunding campaign set up to benefit someone who works for them, the contributions probably will not be considered a gift and should be added to the recipient’s gross income. If you’re raising money for a business venture, things can quickly get more complicated, so it might be a good idea to work with a tax professional if you have any doubts about the taxability of your fundraiser.On the other side of the aisle, people who donate to crowdfunding campaigns may be wondering if their generosity could score them a tax deduction. The answer? Typically not.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Taxpayers could see 1st 'normal filing season' in yearsAfter years of criticism for being inefficient and antiquated, the IRS has spent nearly $1 billion to improve its service.
Consulte Mais informação »
Biden budget takes taxes, spending, IRS funds to new levels, promises plan will cut deficitPresident Biden’s new $6.8 trillion budget would impose a whopping $5.5 trillion in tax hikes and push federal spending roughly 55% higher than pre-pandemic levels, including a 15% boost for the IRS that would be added on top of the agency’s current massive funding increase.
Consulte Mais informação »
IRS tax audits ‘target and burden lower-income families,’ say tax expertsData shows that the burden of IRS audits fall on lower-income households, with families making less than $25,000 facing the largest audit scrutiny among other income ranges in 2022. Tax experts say IRS tax audits ‘target and burden lower-income families’:
Consulte Mais informação »
Jamie Lee Curtis wins Oscar for best supporting actressLOS ANGELES (AP) — Jamie Lee Curtis made her long-waited first Oscar nomination count. Curtis won best supporting actress for her role as Deirdre Beaubeirdre in “ Everything Everywhere All at Once.” She plays an IRS agent who has several guises through different timelines in the multiverse.
Consulte Mais informação »
Oscars 2023: Jamie Lee Curtis wins first Academy AwardCurtis won best supporting actress for her role as Deirdre Beaubeirdre in “ Everything Everywhere All at Once.” She plays an IRS agent who has several guises through different timelines in the multiverse.
Consulte Mais informação »
Oscars 2023: 'Everything Everywhere All at Once' wins best pictureCurtis won best supporting actress for her role as Deirdre Beaubeirdre in “ Everything Everywhere All at Once.” She plays an IRS agent who has several guises through different timelines in the multiverse.
Consulte Mais informação »