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 [...]
Bartering is the trading of one product or service for another. Often there is no exchange of cash. Small businesses sometimes barter to get products or services they need. For example, a plumber might trade plumbing work with a dentist for dental services. If you barter, you should know that the value of products or [...]
If you lose your job or your employer lays you off, you may be able to get unemployment benefits. The payments may be a welcomed relief. But you should know that they’re taxable. You must include all unemployment compensation in your income for the year. You should receive a Form 1099-G, Certain Government Payments. [...]
There are a few tax rules that affect everyone who files a federal income tax return. This includes the rules for dependents and exemptions. Here are some facts on these rules to help you file your taxes. 1. Exemptions cut income. There are two types of exemptions: personal exemptions and exemptions for dependents. You can [...]
Some people must pay taxes on part of their Social Security benefits. Others find that their benefits aren’t taxable. If you get Social Security, the IRS can help you determine if some of your benefits are taxable. Here are some tips about how Social Security affects your taxes: 1. If you received these benefits in 2013, [...]
If you have a child under age 17, the Child Tax Credit may save you money at tax time. Here are some key facts the IRS wants you to know about the credit. • Amount. The non-refundable Child Tax Credit may help cut your federal income tax by up to $1,000 for each qualifying child you [...]
Tax scams that use email and phone calls that appear to come from the IRS are common these days. These scams often use the IRS name and logo or fake websites that look real. Scammers often send an email or call to lure victims to give up their personal and financial information. The crooks then [...]
Would you choose direct deposit this year if you knew it’s the most popular way to get a federal tax refund? What if you learned it’s safe and easy, and combined with e-file, the fastest way to get a tax refund? The fact is almost 84 million taxpayers chose direct deposit in 2013. Still not [...]