Congress extends tax breaks in year-end legislation
In its final session of the year, Congress extended a long list of tax breaks that had expired, retroactive to the beginning of 2014. But the reprieve is only temporary. Read more
Archive for year: 2014
Self-employeds get tax breaks
When it comes to taxes, being self-employed has some advantages. Whether you work for yourself on a full-time basis or just do a little moonlighting on the side, the government has provided you with a variety of attractive tax breaks. Read more
Six IRS Tips for Year-End Gifts to Charity
WASHINGTON – IRS Special Edition Tax Tip 2014-23 – Many people give to charity each year during the holiday season. Remember, if you want to claim a tax deduction for your gifts, you must itemize your deductions. There are several tax rules that you should know about before you give. Here are six tips from the IRS that you should keep in mind: Read more
There Are Tax Breaks When You Do Charitable Work
If you do volunteer work for a charitable organization and have not kept track of your out-of-pocket expenses, you might be passing up an excellent opportunity to lower your tax bill. To qualify, your unreimbursed expenses must relate directly to the charity, and you must itemize your deductions on your tax return. Here is a brief rundown of some possible deductions. Read more
Let the Tax Man Help with Child Care Costs
Are you a working parent looking for ways to ease the burden of child care expenses? There are several tax-saving strategies available to you. Read more
Back-to-School Reminder for Parents and Students: Check Out College Tax Credits for 2014 and Years Ahead
WASHINGTON ― Issue Number: IR-2014-90 – With another school year now in full swing, the Internal Revenue Service today reminded parents and students that now is a good time to see if they will qualify for either of two college tax credits or any of several other education-related tax benefits when they file their 2014 federal income tax returns. Read more
Deducting Moving Expenses
WASHINGTON – IRS SUMMERTIME TAX TIP 2014-20 – If you move because of your job, you may be able to deduct the cost of the move on your tax return. You may be able to deduct your costs if you move to start a new job or to work at the same job in a new location. The IRS offers the following tips about moving expenses and your tax return. Read more
Back-to-School Tax Credits
WASHINGTON – IRS SUMMERTIME TAX TIP 2014-23 – Are you, your spouse or a dependent heading off to college? If so, here’s a quick tip from the IRS: some of the costs you pay for higher education can save you money at tax time. Here are several important facts you should know about education tax credits: Read more
Dealing with Finances After the Death of a Spouse
The death of a spouse can be a devastating experience, both emotionally and financially. As the survivor, you’ll have to make important decisions while you’re in what could be the most vulnerable and distracted stage of your life. The suggestions that follow might at least help ease your financial stress. Read more
Vacation Home Rentals
WASHINGTON – IRS SUMMERTIME TAX TIP 2014-13 – If you rent a home to others, you usually must report the rental income on your tax return. But you may not have to report the income if the rental period is short and you also use the property as your home. In most cases, you can deduct the costs of renting your property. However, your deduction may be limited if you also use the property as your home. Here is some basic tax information that you should know if you rent out a vacation home: Read more