Jacob Dayan
CPA
Jacob Dayan is a tax professional at IRS.com with expertise in U.S. federal and state tax law. Their articles are written to help taxpayers understand complex tax topics in plain English.
Articles
What Is IRA Deduction? A Complete Guide for U.S. Taxpayers
Saving for retirement is one of the smartest financial moves you can make, and an Individual Retirement Account (IRA) is a popular tool to help you do just that. But what is an IRA deduction, and how…
Are Home Repairs Tax Deductible? A Complete Guide for U.S. Homeowners
If you’re a homeowner, you’ve probably wondered: Are home repairs tax deductible? Also, whether the money you spend on home repairs can give you a break at tax time. After all, repairs can be very cos…
Are Scholarships Taxable? Everything You Need to Know
For many students and their families, receiving a scholarship can be a huge financial relief. Whether it’s a merit-based award, an athletic scholarship, or a need-based grant, this free money can help…
A Complete Guide to Restricted Share Units (RSUs) and Their Tax Implications
If your employer has granted you Restricted Share Units (RSUs), congratulations—you’re essentially receiving a promise of company stock that could become a valuable asset over time. RSUs are a common…
1099 Deductions: The Ultimate Guide for Independent Contractors and Freelancers
Being your own boss comes with many perks, sure, but it can also make you feel like a lone ship adrift at sea, especially when it comes to taxes. As an independent contractor, you don’t have the conve…
Your 401(k) Tax Benefits
By taking advantage of your 401(k) tax benefits, you’re not only helping yourself to build a more financially secure future, but it may also lower your tax bill in the present as well.
Are Political Donations Tax Deductible?
Election season brings out the patriot in all of us, but while you might want to support your candidate, party, or political organization of choice with your wallet, you need to remember how the IRS l…
LLC Taxes: How Are LLCs Taxed?
Are you considering going the LLC route? Whether it’s because of your business growing in complexity, or you just want to do some risk management, we can guide you through the tax side of things.
Should I Hire a CPA? What You Should Know
CPA’s can definitely help you file your taxes, but that’s really not taking full advantage of what they can offer; hiring a CPA can help you work out a personalized tax strategy to boost your long-ter…
How Long to Keep Your Tax Forms
If you’re like most Americans, then the fact that you’re keeping your old tax forms is incidental because they’re just a part of the towering stack of old documents at home. It’s time to get serious a…
The FICA EE Tax: What It Is And How It Affects You
Whether you’re an employee or an employer, you’re probably used to seeing an endless list of acronyms next to the many deductions on the money you take home at the end of the year. Out of these endles…
The Penalty For Taking Early 401(k) Withdrawals
Having an untapped source of money for emergencies is tempting, particularly in an economy like this, but tapping into retirement will get you a 401k early withdrawal penalty—unless you understand the…