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Information courtesy of IRS Are you a U.S. citizen or resident who worked abroad last year? Did you receive income from a foreign source in 2014? Report Worldwide Income. By [...]

Generally, you’ll need to file a gift tax return for 2014 if, during the tax year, you made gifts: That exceeded the $14,000-per-recipient gift tax annual exclusion (other than to [...]

Courtesy of IRS If your home is used for business, you may be able to deduct expenses for the business use of your home. If you qualify you can claim [...]

Information courtesy of IRS.gov When you sell a capital asset the sale results in a capital gain or loss. A capital asset includes most property you own for personal use [...]

The deadline for 2014 IRA contributions is April 15, 2015. The limit for total contributions to all IRAs generally is $5,500 ($6,500 if you were age 50 or older on [...]

Information courtesy of IRS You can reduce your taxes and save on your energy bills with certain home improvements.  Facts that you should know about home energy tax credits: Non-Business [...]

Information courtesy of IRS If your lender cancelled or forgave your mortgage debt, you generally have to pay tax on that amount. But there are exceptions to this rule for [...]

If your business has made repairs to tangible property, such as buildings, machinery, equipment and vehicles, you may be eligible for a deduction on your 2014 income tax return. But [...]

Special tax rules may apply to some children who receive investment income. And these rules may affect the amount of tax and how to report the income. Here are five [...]

Republished Information provided by the IRS Many taxpayers who turned 70½ during 2014 must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by [...]

Information courtesy of IRS.gov Taking early withdrawal from an IRA or retirement plan in many cases may trigger an added tax on top of the income tax you may have to pay. [...]

Additional  information available at IRS.gov If you earn money managing or working on a farm, you are in the farming business. Farms include plantations, ranches, ranges and orchards. Farmers may [...]

Information courtesy of IRS.gov Do you own your own business? Are you a sole proprietor or independent contractor? Here are six tips about income from self-employment. SE Income.  Self-employment can [...]

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 [...]

The long-term capital gains rate is 0% for gain that would be taxed at 10% or 15% based on the taxpayer’s ordinary-income rate. If you have loved ones in the [...]