Summary: Keeping your tax records organized is important, but this task may seem so overwhelming that you delay starting altogether. Click through to learn how to make things easier. If you want to avoid last-minute tax stress, there are a few easy steps you can take throughout the year that will make the filing process […]
Summary: Hiring a nanny, babysitter, housekeeper or other in-home help? You may have more tax obligations than you realize. Click through to make sure you’re in compliance and avoid costly surprises. If you pay someone to work in your home — even part time or occasionally — they may be considered a household employee by […]
Summary: If you itemize deductions on your tax return, don’t overlook medical and dental expenses. You may have had more expenses than you realize, and savings can be substantial. Click through for an introduction to a valuable tax provision. You can deduct medical and dental expenses on your Schedule A to the extent they exceed […]
Summary: Does your child have income from investments, savings or gifts? You might be surprised to learn that the IRS may expect a tax return from them. Click through to find out how to stay compliant and avoid unexpected tax bills. We generally assume that children aren’t required to pay taxes. But if your child […]
Summary: Ready to learn about the best tax break you’ve never heard of? These days, you can rent out your home for up to two weeks per year without having to report the rental income. Click through to learn more about this IRS tax rule. Originally created to protect the residents in Augusta, Georgia, who […]
Summary: As more people are working out of their homes, the home-office tax deduction is becoming more popular. However, it can get complicated as you try to separate home from business expenses. Click through for some tips on understanding the rules. Good news if you have a home office! You may be able to deduct […]
Summary: When you inherit assets other than cash, the assets are subject to a provision within tax law that adjusts the asset’s tax cost to its fair market value at the time of the original owner’s death. This adjusted value helps reduce your tax burden, sometimes even eliminating capital gains taxes on past appreciation. Click […]
Summary: Business owners who invest in job seekers who have faced barriers to employment are eligible for the Work Opportunity Tax Credit. Click through to see how this act works, and how it may apply to your businesses. The WOTC is an incentive to hire workers who typically have difficulty in finding jobs, including certain […]
Summary: Many tax rules can limit your deductions from a business or other income-producing activity. One of them is the at-risk rules, under which your losses from an activity are limited to your amount at risk in that activity. Click through to learn how to recognize these. The at-risk limitations are the result of Congress’ […]
Summary: Members of the U.S. armed forces, veterans and their families may qualify for special tax benefits. The IRS provides information to make filing taxes easier to understand for those sacrificing so much for our country. Click through to read the details. Whether you have a simple or complicated tax situation, it’s worth knowing what […]