Best Accountants in Bay Shore, NY

Actively-Earned Wages: Your salary, hourly pay, bonuses, and commissions all fall under this category. These earnings are typically reported on a W-2 form provided by your employer. 💼💰 Self-Employment Income: If you're self-employed, income from your business, freelance work, or gig work is considered taxable. It's important to note that as a self-employed individual, you're also responsible for self-employment taxes. 🚀💼 Investment Income: Interest, dividends, and capital gains earned from investments are generally taxable. Keep an eye out for tax forms like 1099-INT, 1099-DIV, or 1099-B to report these earnings accurately. 📈📊🏦 Rental Income: Money earned from renting out property, including rent and security deposits, is considered taxable income. However, you can offset it with property-related expenses like maintenance and repairs. 🏠💰🔧 Retirement Income: When you start withdrawing funds from retirement accounts like 401(k)s and IR As, that income becomes taxable. Additionally, some Social Security benefits may be subject to taxation if your overall income exceeds government-defined limits. 🏦🌴💵 Gambling Winnings: Whether you strike it lucky at a casino, win a lottery, or even score big in a friendly poker game, your gambling winnings are considered taxable income that must be reported to the IRS. 🎰🃏💰 Understanding taxable income is the key to responsible tax reporting! Don't let the tax maze confuse you – navigate it with confidence! 🧐🔍📈...