Hobby income must be reported, and you can only deduct expenses up to the amount of income earned.

Allowance paid to children is not deductible.

Pet care expenses are not deductible unless they are related to a business or service animal.

Anyone with income from non-employee compensation must pay self-employment tax.

Rental income from vacation homes must be reported, subject to certain rules.

Most legal settlements are taxable, except for certain physical injury awards.

Childcare costs are not deductible, but you may be eligible for the Child and Dependent Care Credit.

Interest earned from bank accounts is taxable and must be reported.

Funeral expenses for dependents are not deductible.

Unemployment benefits are taxable and must be reported as income.

Bartering Income is still income and should be reported at fair market value.

Political contributions to your own campaign are not deductible.

Only contributions to certain retirement plans, like traditional IRAs, are tax-deductible.

Personal vacation expenses are not deductible.

Only the business portion of your phone bill is deductible if used for business purposes.

Alimony received under divorce agreements executed before 2019 is taxable.

Cosmetic surgery is not deductible unless it is necessary to improve a deformity related to a congenital abnormality, an accident, or a disease.

The U.S. has a progressive tax system with different rates for different income brackets.

Clothing for a new job is not deductible unless it is a uniform required for your job and not suitable for everyday wear.

Gifts are not taxable to the recipient, but the giver may be subject to gift tax if the amount exceeds the annual exclusion limit.

Home security systems are not deductible unless they are for a home office or rental property.

Social Security income may be taxable depending on your total income.

Income from online sales is taxable and must be reported.

Commuting expenses, including by bicycle, are not deductible.

Only 50% of the cost of business-related meals is deductible, and certain conditions must be met.

Report your Hobby income and keep accurate records to maximize your income and mitigate your taxes.

Only certain types of interest, such as mortgage interest and student loan interest, are deductible.

Wedding costs are not deductible.

Inherited money or property is generally not taxable, but certain types of inherited income, like distributions from inherited retirement accounts, may be taxable.

Be sure to check if specific educational expenses are deductible or eligible for tax credits.

Income from side gigs, no matter how small, must be reported.

Extracurricular activities are not deductible.

Cosmetic dentistry is not deductible unless it is necessary to improve a deformity related to a congenital abnormality, an accident, or a disease.

Mortgage interest and property taxes on a second home are deductible, but other expenses are not.

You can deduct interest on personal loans if the loan is used for investment purposes.

Forgiven debt is generally considered taxable income.

Pet insurance premiums are not deductible unless they are related to a business or service animal.

Personal training expenses are not deductible unless prescribed by a doctor for a specific medical condition.

All tip income should be reported for taxes, regardless of amount.

Landscaping expenses are not deductible unless they are for a home office or rental property.

Income from renting out your car is taxable and must be reported.

Only the business portion of your internet service is deductible if used for business purposes.

Club memberships are not deductible unless they are directly related to your business.

U.S. citizens and resident aliens are taxed on worldwide income, but may qualify for the Foreign Earned Income Exclusion or a foreign tax credit.

Identity theft protection services are generally not deductible.

Income from illegal activities is still taxable and must be reported.

Commuting expenses to temporary work locations are not deductible.

A large tax refund can indicate that you're having too much withheld from your paycheck, essentially giving an interest-free loan to the government.

Medical expenses are only deductible if they exceed 7.5% of your adjusted gross income and you itemize your deductions.

The IRS primarily communicates through mail. IRS Phone Calls or someone claiming to be the IRS are likely scams.

While tax software can help, it's not foolproof. Errors can occur if information is entered incorrectly, and software can miss complex issues that a professional might catch.

Generally, you can only deduct 50% of the cost of business meals unless they fall under specific exceptions.

Cryptocurrency transactions are taxable. This includes trading, spending, or earning crypto as income.

The IRS audit frequency of taxpayers at all income levels varies. While high-income earners are scrutinized more, anyone can be selected for an audit.

Paying taxes is mandatory under U.S. law. The term "voluntary compliance" refers to the system relying on individuals to report their income and calculate their taxes owed honestly.

If you qualify for the home office deduction and claim it accurately, it's not an automatic trigger for an audit.

Clothing is only deductible if it is required for work and not suitable for everyday wear, such as a uniform.

You can only write off a portion of your rent or mortgage if you have a qualifying home office and meet specific criteria.

Donations are only deductible if they are made to qualified charitable organizations and you itemize your deductions.

Commuting costs to and from your regular workplace are not deductible.

Lottery winnings are fully taxable and must be reported as income.

You can only deduct job hunting expenses if you’re looking for a new job in your current occupation and meet specific criteria.

Gambling losses can only be deducted up to the amount of your gambling winnings.

Child support payments are not deductible by the payer nor taxable to the recipient.

For divorce agreements executed after 2018, alimony payments are not deductible for the payer nor taxable to the recipient.

U.S. citizens and expat tax obligations on worldwide income, though they may qualify for certain exclusions and credits.

You should still file your tax return even if you can’t pay the full amount. The IRS offers payment plans.

Some tax credits are non-refundable, meaning they can only reduce your tax liability to zero, but not beyond.

Moving expenses are only deductible for active-duty military personnel moving due to a military order.

U.S. taxpayers must report foreign financial accounts if their total value exceeds $10,000 at any time during the year.

Social Security benefits may be taxable depending on your total income.

Mortgage interest is only deductible up to a certain limit on acquisition indebtedness.

Personal legal fees are generally not deductible, except in specific situations.

Funeral expenses are not deductible.

Only specific educational expenses are deductible or eligible for tax credits.

Personal loan interest is not deductible unless the loan is used for qualified purposes such as home mortgage interest.

Political contributions are not deductible.

State tax refunds may be taxable if you itemized deductions in the prior year, but not if you took the standard deduction.

Start-up costs must be capitalized and can only be deducted up to a certain amount in the first year, with the remainder amortized over 15 years.

Investment losses can only offset investment gains and up to $3,000 of other income per year, with excess losses carried forward.

Tips are taxable income and must be reported as Tip Income.

Rental income is taxable and must be reported on your tax return.

Only home repairs related to a home office or rental property may be partially deductible.

You should keep tax records for at least three years, and sometimes longer, depending on the situation.

Business gifts are only deductible up to $25 per recipient per year.

Personal credit card interest is not deductible.

Bartering is taxable and must be reported as income at its fair market value.

Personal insurance premiums are not deductible, except for specific situations like medical insurance for the self-employed.

Only travel expenses that are ordinary and necessary for business purposes are deductible.

You can’t deduct the value of your time, but you may be able to deduct expenses related to volunteer work.

Self-employed individuals must pay estimated taxes quarterly to avoid penalties.

Only improvements related to a home office or rental property may be partially deductible.

You can deduct interest on personal loans if the loan is used for business purposes.

Groceries costs are not deductible unless they are for business purposes, like a food business.

Wedding expenses are not deductible.

Gym memberships are not deductible unless they are specifically prescribed by a doctor for a medical condition.

You may still need to file taxes if your total income, including Social Security, exceeds certain thresholds.

Filing for an extension doesn't increase your chances of being audited. It simply gives you more time to file your return.

If a student has a part-time job or earns income above the IRS threshold, they have an obligation to file and pay taxes, just like anyone else.

All income, no matter how small, is generally reportable. This includes side gigs, freelance work, and even hobby income.