Decide When to Pay Tax on U.S. Savings Bonds
When you own Series EE or Series I savings bonds, you have a tax decision to make. Read more
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The Alternative Minimum Tax: Will it Affect You?
In your tax planning, don’t overlook how your tax-saving strategies might be affected by the alternative minimum tax. Read more
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
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
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
Organizing Tax Records This Summer Can Help You Keep Your Cool
WASHINGTON – IRS Summertime Tax Tip 2012-16 – If the sweltering dog days of summer aren’t incentive enough to get out of the sun for awhile, the IRS suggests another reason to head indoors: organizing your tax records. Devoting some time mid-year to putting your tax-related documents in order may not only keep you out of the sun, but it should also make it easier for you to prepare your tax return when the filing season arrives. Read more
Taxes are Due on Self-Employment Income
There is no income tax withholding on self-employment income, but that doesn’t mean you’re not required to pay taxes during the year. Read more
Job Search Expenses Can be Tax Deductible
Washington – IRS Summertime Tax Tip 2012-06 – Summertime is the season that often leads to major life decisions, such as buying a home, moving or a job change. If you are looking for a new job that is in the same line of work, you may be able to deduct some of your job hunting expenses on your federal income tax return. Read more
Can You Qualify for the Home Office Deduction?
The home office deduction is available when you use part of your home regularly and exclusively as your primary place of business, or for meeting clients. Read more