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IRS Clarifies Tax Obligations for Self-Employed Individuals and Gig Economy Workers

IRS Clarifies Tax Obligations for Self-Employed Individuals and Gig Economy Workers

The Internal Revenue Service (IRS) has provided clarifications regarding tax obligations for self-employed individuals and those participating in the gig economy. Generally, a federal tax return is required if net earnings from self-employment reach $400 or more, though other filing requirements may apply even below this threshold. The IRS emphasizes that income from gig work must be reported, regardless of whether a 1099 form was received or if the payment was in cash. Sole proprietors typically report business income and expenses on Schedule C, and Schedule SE is used to calculate self-employment tax, which contributes to Social Security and Medicare. Business deductions must be ordinary and necessary for the work, and personal spending is not deductible. The IRS advises maintaining thorough records of income, expenses, and other relevant financial activities.
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Federal Programs Support Homeownership for Veterans and Low-Income Buyers

Federal Programs Support Homeownership for Veterans and Low-Income Buyers

The U.S. government actively supports homeownership through various programs, primarily targeting specific demographics such as veterans, active-duty service members, and individuals with limited funds. The Department of Veterans Affairs (VA) offers VA home loans, which are issued by private lenders but backed by the VA. This program, established during World War II, has guaranteed over 22 million loans since 1944, assisting military personnel and their families in purchasing homes. Similarly, the Federal Housing Administration (FHA), a branch of the Department of Housing and Urban Development, insures FHA home loans. These loans are designed to lower barriers to entry for homebuyers and refinancers by offering low down payments, flexible credit requirements, and increased purchasing power. FHA loans can finance over 80% of a home's value, making homeownership more accessible for those with limited upfront capital. These government-backed initiatives aim to make real estate equity building more attainable ...
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NRG Energy Offers Fixed Price Electricity Plans for Businesses to Manage Costs

NRG Energy Offers Fixed Price Electricity Plans for Businesses to Manage Costs

NRG Energy Offers Fixed Price Electricity Plans for Businesses to Manage Costs
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Homeowners Insurance Often Insufficient for Home-Based Businesses, Specialized Coverage Recommended

Homeowners Insurance Often Insufficient for Home-Based Businesses, Specialized Coverage Recommended

Homeowners Insurance Often Insufficient for Home-Based Businesses, Specialized Coverage Recommended
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VantageScore 4.0 and Non-QM Loans Offer Alternatives for Borrowers with Limited Credit History

VantageScore 4.0 and Non-QM Loans Offer Alternatives for Borrowers with Limited Credit History

VantageScore 4.0 and Non-QM Loans Offer Alternatives for Borrowers with Limited Credit History
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Cushman Wakefield Facilitates Sale of 335,004-SF Distribution Center in North Fort Worth Industrial Submarket

Cushman Wakefield Facilitates Sale of 335,004-SF Distribution Center in North Fort Worth Industrial Submarket

Cushman Wakefield Facilitates Sale of 335,004-SF Distribution Center in North Fort Worth Industrial Submarket
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FinTech Companies Revolutionize Credit Access for Digital Creators with 'Job Is Your Credit' Model

FinTech Companies Revolutionize Credit Access for Digital Creators with 'Job Is Your Credit' Model

FinTech Companies Revolutionize Credit Access for Digital Creators with 'Job Is Your Credit' Model
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U.S. Renters Save Significantly More Than Homeowners Amid Widening Cost Gap

U.S. Renters Save Significantly More Than Homeowners Amid Widening Cost Gap

U.S. Renters Save Significantly More Than Homeowners Amid Widening Cost Gap
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Etsy Sellers Face Bookkeeping Challenges with Fees and COGS, Impacting Taxable Income

Etsy Sellers Face Bookkeeping Challenges with Fees and COGS, Impacting Taxable Income

Etsy Sellers Face Bookkeeping Challenges with Fees and COGS, Impacting Taxable Income
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Council of Multiple Listing Services Introduces New Brokerage Membership Category to Enhance Industry Relations

Council of Multiple Listing Services Introduces New Brokerage Membership Category to Enhance Industry Relations

Council of Multiple Listing Services Introduces New Brokerage Membership Category to Enhance Industry Relations
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Serial Side Hustler Lucy Zheng Shares Insights on Building Multiple Income Streams and Navigating Failures

Serial Side Hustler Lucy Zheng Shares Insights on Building Multiple Income Streams and Navigating Failures

Serial Side Hustler Lucy Zheng Shares Insights on Building Multiple Income Streams and Navigating Failures
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Average long-term US mortgage rate churns upward to its highest level in nearly 3 years at 7.28%

Average long-term US mortgage rate churns upward to its highest level in nearly 3 years at 7.28%

The average long-term U.S. mortgage rate remained above 7% this week, reaching its highest level in nearly three years