Tag - Income Tax

What is the Earned Income Tax Credit? Do I Qualify?

What is the Earned Income Tax Credit? Do I Qualify? The Earned Income Tax Credit (EIC or EITC) is a refundable credit for workers who earn low or moderate incomes. This credit is meant to supplement the income you have earned through working, whether for yourself or for someone else. As a result, if you qualify for the Earned Income Tax Credit, you can reduce your taxes and increase your tax refund. The EITC allows more working people and their families [...]

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What is the Sharing Economy and Why Should I Care, SFS Tax, SFS Tax and Accounting Services, woman working, woman in glasses, side ponytail, brunette, laptop, paintbrushes, colored pencils

What is the “Sharing Economy” and Why Should I Care?

Ever thought about becoming an Uber driver part-time? How about renting out a spare bedroom in your home? Maybe offering your dog walking services via Craigslist? Any of these actions would put you in what the IRS refers to as the “sharing economy.” What is the Sharing Economy? Although “sharing” can imply the word “free,” it is not what IRS means when they use the phrase. The official explanation of the term on the IRS website is: “…the sharing economy allows individuals and [...]

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