If you lose your job, you may qualify for unemployment benefits. The payments may serve as much needed relief. But did you know unemployment benefits are taxable? Here are five key facts about unemployment compensation: 1. Unemployment is taxable. You must include all unemployment compensation as income for the year. You should receive a Form [...]
The Child Tax Credit may save you money at tax-time if you have a qualified child. Here are six things you should know about the credit. 1. Amount. The Child Tax Credit may help reduce your federal income tax by up to $1,000 for each qualifying child that you are eligible to claim on your [...]
When you sell a capital asset the sale results in a capital gain or loss. A capital asset includes most property you own for personal use or own as an investment. Here are 10 facts that you should know about capital gains and losses: 1. Capital Assets. Capital assets include property such as your home [...]
If you receive Social Security benefits, you may have to pay federal income tax on part of your benefits. These IRS tips will help you determine whether or not you need to pay taxes on your benefits. They also explain the best way to file your tax return. • Form SSA-1099. If you received Social [...]
All income is taxable unless the law excludes it. Here are some basic rules you should know to help you file an accurate tax return: • Taxed income. Taxable income includes money you earn, like wages and tips. It also includes bartering, an exchange of property or services. The fair market value of property or [...]
Did you change your name last year? If you did, it can affect your taxes. All the names on your tax return must match Social Security Administration records. A name mismatch can delay your refund. Here’s what you should know if you changed your name: Report Name Changes. Did you get married and are now [...]
Tax scams take many different forms. Recently, the most common scams are phone calls and emails from thieves who pretend to be from the IRS. They use the IRS name, logo or a fake website to try to steal your money. They may try to steal your identity too. Here are several tips from [...]
Gathering documents and maintaining well-organized records make it easier to prepare a tax return. They can also help provide answers if the IRS needs to follow-up with you for more information. You will not need to send the IRS proof of your health coverage. However, you should keep any documentation with your other tax records. [...]
When you sell a capital asset the sale results in a capital gain or loss. A capital asset includes most property you own for personal use or own as an investment. Here are 10 facts that you should know about capital gains and losses: 1. Capital Assets. Capital assets include property such as your home [...]
The Health Insurance Marketplace is the place where people without health care insurance can find information about health insurance options and also purchase health care insurance. Information can also be found regarding eligibility for help with paying premiums and reducing out-of-pocket costs. In addition to the federally-facilitated Marketplace, HealthCare.gov, there are also state-based Marketplaces. If [...]