If you are looking for a tax deduction, giving to charity can be a ‘win-win’ situation. It’s good for them and good for you. Here are eight things you should know about deducting your gifts to charity: 1. You must donate to a qualified charity if you want to deduct the gift. You can’t deduct gifts [...]
Refunds totaling almost $760 million may be waiting for an estimated 918,600 taxpayers who did not file a federal income tax return for 2010, the Internal Revenue Service announced today. However, to collect the money, a return for 2010 must be filed with the IRS no later than Tuesday, April 15, 2014. "The window [...]
If you work from home, you should learn the rules for how to claim the home office deduction. Starting this year, there is a simpler option to figure the deduction for business use of your home. The new option will save you time because it simplifies how you figure and claim the deduction. It will [...]
If you are an independent contractor or run your own business, there are a few basic things to know when it comes to your federal tax return. Here are six tips you should know about income from self-employment: Self-employment income can include income you received for part-time work. This is in addition to [...]
Tax credits help reduce the taxes you owe. Some credits are also refundable. That means that, even if you owe no tax, you may still get a refund. Here are five tax credits you shouldn’t overlook when filing your 2013 federal tax return: 1. The Earned Income Tax Credit is a refundable credit for people [...]
You may be wondering if you have to report the value of your employer-sponsored health insurance coverage, which may appear on your W-2, Wage and Tax Statement when you file your 2013 federal income tax return. Here is what you need to know about the value shown on your W-2. The health care law requires [...]
If a lender cancels or forgives money you owe, you usually have to pay tax on that amount. But when it comes to your home, an important exception to this rule may apply in 2013. Here are several key facts from the IRS about the special exclusion for cancelled home mortgage debt: • If the cancelled [...]
There are a few basic tips to keep in mind about the new health care law. Health insurance choices you make now may affect the income tax return you file in 2015. Most people already have qualified health insurance coverage and will not need to do anything more than maintain qualified coverage throughout 2014. If [...]
With business tax-filing deadlines fast approaching, the Internal Revenue Service today encouraged small employers that provide health insurance coverage to their employees to check out the small business health care tax credit and then claim it if they qualify. The Small Business Health Care Tax Credit page on IRS.gov is packed with information and resources [...]
When you sell a ’capital asset,’ the sale usually results in a capital gain or loss. A ‘capital asset’ includes most property you own and use for personal or investment purposes. 1. Capital assets include property such as your home or car. They also include investment property such as stocks and bonds. 2. A capital gain or [...]