Many expenses that may qualify as miscellaneous itemized deductions are deductible for regular tax purposes only to the extent they exceed, in aggregate, 2% of your adjusted gross income (AGI). [...]
Information courtesy of IRS.gov Informing the Marketplace about changes in circumstances, such as marriage or divorce, allows the Marketplace to help make sure you have the right coverage for [...]
With summer drawing to a close, if you own a vacation home that you both rent out and use personally, it’s a good time to review the potential tax consequences: [...]
Now’s the time of year when many young adults are about to head back to college — or to enter their first year of higher education. If you have a [...]
Information courtesy of IRS Many people enjoy hobbies, such as stamp and coin collecting, craft making and horsemanship, that are also a source of income. Did you know that [...]
A taxable sale of a business might be structured as an installment sale if the buyer lacks sufficient cash or pays a contingent amount based on the business’s performance. An [...]
Information courtesy of IRS It is important for taxpayers to know that the IRS: Never asks for credit card, debit card or prepaid card information over the telephone. Never insists [...]
Would you like to benefit charity while reducing the size of your taxable estate yet maintain an income stream for yourself? Would you also like to divest yourself of highly [...]
Information courtesy of IRS.gov If you start a business, know about your federal tax obligations. You may need to know not only about income taxes but also about payroll taxes. [...]
Changing jobs? You may be able to deduct some of your job hunting costs. Here are the guidelines: Same Occupation. Your expenses must be for a job search in your [...]
Information courtesy of the IRS Special tax benefits apply to members of the U. S. Armed Forces. For example, some types of pay are not taxable. And special rules [...]
Information taken from IRS.gov If you rent a home to others, you usually must report the rental income on your tax return. You may not have to report the income [...]
Investing in mutual funds is an easy way to diversify a portfolio, which is one reason why they’re commonly found in retirement plans such as IRAs and 401(k)s. But if [...]
An employer enjoys several advantages when it classifies a worker as an independent contractor rather than as an employee. For example, it isn’t required to pay payroll taxes, withhold taxes, [...]
Information courtesy of IRS.gov 1. If you have a capital gain on the sale of your home, you may be able to exclude your gain from tax. This rule may apply [...]