10/06/2025
Tax Myth 1: Home Office Deduction for W-2 Employees
If you're a W-2 employee, the 2017 tax overhaul removed the ability to deduct home office costs. Unreimbursed business expenses, including home office expenses, are no longer deductible for employees.
Tax Myth 2: Taxability of Gifts on Venmo
Gifts, regardless of amount or payment method, are excluded from income. Payments over $600 for products/services on Venmo trigger a 1099-K, but gifts should not be reflected. Gifts remain non-taxable, so you can receive them worry-free.
Tax Myth 3: Students and Income Taxes
Students, like all individuals, must file taxes if their income equals or exceeds the standard deduction ($12,950 for 2022). Filing is recommended even if below this threshold for reasons like withheld taxes or eligibility for tax credits.
Tax Myth 4: Cryptocurrency and Tax Obligations
Contrary to belief, cryptocurrency transactions are taxable. Treated as property, any cryptocurrency received for goods or services is considered ordinary income, not a capital gain. Even exchanging one cryptocurrency for another is a taxable transaction, similar to a stock exchange.
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