Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities — generally is deductible for both regular tax and [...]
If you lose your job, you may qualify for unemployment benefits. Keep in mind that unemployment benefits are taxable. Unemployment is taxable. You must include all unemployment compensation as income for the [...]
Information courtesy of IRS.gov If you have income from investments, you may be subject to the Net Investment Income Tax. You may owe this tax if you receive investment income [...]
Taking money out early from your retirement plan can cost you an extra 10 percent in taxes. Keep in mind the following when considering early withdrawals from retirement plans. An [...]
Courtesy of IRS.gov If you receive Social Security benefits, you may have to pay federal income tax on part of your benefits. Look at these facts to determine whether or not you [...]
Information taken from IRS.gov The Affordable Care Act is bringing several changes to the income tax filing, including a new form some taxpayers will receive. If you or anyone in [...]
Information courtesy of IRS.gov The Child Tax Credit may save you money at tax-time if you have a qualified child. Amount. The Child Tax Credit may help reduce your federal [...]
Courtesy of IRS.gov Whether you like it or not, The Affordable Care Act affects all taxpayers. This Act includes financial assistance in the form of the premium tax credit for [...]
If you don’t meet IRS substantiation requirements, your charitable deductions could be denied. To comply, generally you must obtain a contemporaneous written acknowledgment from the charity stating the amount of [...]
If you start a business, one key to success is to know about your federal tax obligations. You may need to know not only about income taxes but also about [...]
Information courtesy of IRS.gov For 2015, the Internal Revenue Service announced the annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. [...]
Information courtesy of IRS.gov Gathering documents and maintaining well-organized records make it easier to prepare a tax return. They can also help provide answers if the IRS needs to [...]
The manufacturers’ deduction, also called the “Section 199” or “domestic production activities” deduction, is 9% of the lesser of qualified production activities income or taxable income. The deduction is also [...]
Information courtesy of IRS There are many reasons the IRS sends taxpayers letters and notices. Many of these have a simple solution. Below is a list of reasons you may [...]
You probably know that miles driven for business purposes can be deductible. But did you know that you might also be able to deduct miles driven for other purposes? The [...]