Is All My Income Taxable?
Generally, all sources of income are subject to income tax unless specifically excluded. Here are some sources of money that are not taxable: Read more
Archive for year: 2012
Forgiven Debt Can Be Taxed As Income
With the recent economic downturn experienced by many taxpayers, there is a tax concept that is very important: cancellation of debt. You would think that the cancellation of debt by a credit card company or mortgage company would be a good thing for the taxpayer. And it can be, but it can also be considered taxable income by the IRS. Here is a quick review of various debt cancellation situations. Read more
Tips for Cutting Costs in your Business
Keeping costs under control is crucial in today’s challenging business environment. Without a doubt, one of the quickest ways for a business to cut costs is through staff reduction. But cutting jobs is not always the best cost-cutting strategy. Read more
Recordkeeping Tips from the Pros
If you want to give your tax recordkeeping skills a performance boost, do what accounting professionals do. Read more
Don’t Panic if the IRS Sends You a Letter
There are many reasons why the Internal Revenue Service could be contacting you. Some contacts involve very minor corrections; some are for serious changes that could involve a lot of money. Sometimes the IRS is correct in what they are seeking; sometimes they are wrong. Read more
Changes Scheduled for Flexible Spending Accounts
Flexible spending accounts (FSAs) are popular with employees because they permit the use of pretax dollars for payment of medical expenses and dependent care costs. Read more
IRS Eases Reporting Requirement for Small Businesses
The “Affordable Care Act of 2010” requires employers to report the cost of coverage under an employer-sponsored group health plan on the employee’s W-2 for 2012. Read more
Back-to-School Tips for Students and Parents Paying College Expenses
WASHINGTON – IRS SUMMERTIME TAX TIP 2012-25 – Whether you’re a recent high school graduate going to college for the first time or a returning student, it will soon be time to head to campus, and payment deadlines for tuition and other fees are not far behind. The IRS offers some tips about education tax benefits that can help offset some college costs for students and parents. Typically, these benefits apply to you, your spouse or a dependent for whom you claim an exemption on your tax return. Read more
Six Tips for Charitable Taxpayers
WASHINGTON – IRS SUMMERTIME TAX TIP 2012-20 – Contributing money and property are ways that you can support a charitable cause, but in order for your donation to be tax-deductible, certain conditions must be met. Read on for six things the IRS wants taxpayers to know about deductibility of donations. Read more
What’s More Important – Saving for Children’s College or Your Retirement?
A college education. Retirement. What do these major life events have in common? One shared characteristic is that each comes with a price tag. Here’s another: If you have school-age kids, you might be facing the challenge of having to decide which goal to save for. They’re both important. So how do you make the choice? Read more