The tax code specifies that all income is taxable from any source, unless exempted. Though the tax code does provide an exclusion for certain damage awards.

U.S. citizens and resident aliens pay taxes on foreign earned income. However, those qualifying may be able to take advantage of valuable tax breaks.

In 2022, the threshold has dropped significantly for the filing of Form 1099-K. Businesses & workers in certain industries may receive more of these forms.

The IRS released guidance on the 2023 inflation-adjusted amounts for HSAs. High inflation rates will result in next year’s amounts being increased.