Blog entries discussing Personal Taxes
Confused about which credits and deductions you can claim on your 2014 tax return? You’re not alone. Here are six often overlooked tax breaks for individuals that you won’t want to Continue reading Overlooked Tax Breaks for Individuals
You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record Continue reading Missing Form W-2
If you sell your home and make a profit, do you know that the gain may not be taxable? That’s just one key tax rule that you should know. Here are ten facts to keep in mind if you sell your home this Continue reading Tax Tips for those Selling Their Home
If you itemize deductions on your tax return, you may be able to deduct certain miscellaneous expenses, which might reduce your federal income tax.
Examples include employee expenses and fees you pay for tax advice. If you itemize, these deductions could lower your tax bill. With that in mind, let’s take a closer look at miscellaneous deductions that might benefit you.
Deductions Subject to the Two Percent Limit. You can deduct most miscellaneous expenses only if they exceed two percent of your adjusted gross income. These include expenses such as: Continue reading Maximize Miscellaneous Deductions
If you moved due to a change in your job or business location or because you started a new job or business, you may be able to deduct your reasonable moving expenses.
Additionally, if you meet the requirements of the tax law for the deduction of moving expenses, you can deduct allowable expenses for a move to the area of a new main job location within the United States or its possessions. Your move may be from one United States location to another or from a foreign country to the United States. Continue reading Which Moving Expenses are Deductible?
Millions of Americans have hobbies such as sewing, woodworking, fishing, gardening, stamp and coin collecting, but when that hobby starts to turn a profit, it might just be considered a business by the IRS.
Definition of a Hobby vs. a Business
The IRS defines a hobby as an activity that is not pursued for profit. A business, on the other hand, is an activity that is carried out with the reasonable expectation of earning a profit. Continue reading Hobby or Business? Why It Matters
According to a 2014 study published by the Federal Reserve Bank of San Francisco, researchers found that over a lifetime, the average U.S. college graduate will earn at least $800,000 more than the average high school graduate–even after taking into consideration the cost of college tuition and the four years of lost wages it entails. So even though tuition and fees are always on the rise, most people still feel that a college education is well worth the investment. That said however, the need to set money aside for their child’s education often weighs heavily on parents.
Fortunately, there are two savings plans available to help parents save money that also provide certain tax benefits. Let’s take a closer look. Continue reading How to Save for College Tax-Free
If you’re looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home in order to reduce your taxable gain on the sale of a home.
The IRS home sale exclusion rule allows an exclusion of a gain up to $250,000 for a single taxpayer or $500,000 for a married couple filing jointly. This exclusion can be used over and over during your lifetime (but not more frequently than every 24 months), as long as you meet certain ownership and use tests.
During the 5-year period ending on the date of the sale, you must have: Continue reading Sell your Home but Keep the Profits
The IRS sends millions of letters and notices to taxpayers for a variety of reasons. Many of these letters and notices can be easily dealt with without having to call or visit an IRS office. Here are nine things you should know about if you receive a notice or letter from the IRS. Continue reading Facts if You Receive an IRS Letter
Are you wondering if there’s a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there’s more to it than that.
Taxable income includes any money you receive, such as wages and tips, but it can also include non-cash income from property or services. For example, both parties in a barter exchange must include the fair market value of goods or services received as income on their tax return.
Nontaxable Income Continue reading What Income is Taxable?
