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Information courtesy of irs.gov If a lender cancels or forgives money you owe, you usually have to pay tax on that amount. But when it comes to your home, an [...]

Information courtesy of irs.gov You normally must pay income tax on your investment income. That is also true for a child who must file a federal tax return. If a [...]

Information courtesy of IRS If you work from home, you should learn the rules regarding how to claim the home office deduction. Starting this year, 20124,  there is a simpler [...]

Tax credits can be especially valuable because they reduce taxes dollar-for-dollar; deductions reduce only the amount of income that’s taxed. A couple of credits are available for higher education expenses: [...]

If you purchased qualifying assets by Dec. 31, 2013, you may be able to take advantage of these depreciation-related breaks on your 2013 tax return: 1. Bonus depreciation. This additional [...]

Information courtesy of IRS If you contribute to a retirement plan, like a 401(k) or an IRA, you may be eligible for the Saver’s Credit. The Saver’s Credit can help [...]

For the last several years, taxpayers have been allowed to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes. Although this [...]

Cortesy of irs.gov When you sell a ’capital asset,’ the sale usually results in a capital gain or loss. A ‘capital asset’ includes most property you own and use for [...]

One of the most common mistakes investors make is forgetting to increase their basis in mutual funds to reflect reinvested dividends. Many mutual fund investors automatically reinvest dividends in additional [...]

Information courtesy of IRS tax tips   When you file your tax return, you usually have a choice whether to itemize deductions or take the standard deduction. Before you choose, [...]

Recently released IRS final regulations for the Affordable Care Act’s (ACA’s) employer shared-responsibility provision provide some short-term relief for midsize and large employers. Under the ACA, the shared-responsibility provision (commonly [...]

Courtesy of irs.gov   If you lose your job or your employer lays you off, you may be able to get unemployment benefits. The payments are taxable. Here are five [...]

Courtesy of irs.gov If you plan to claim a deduction for your medical expenses, there are some new rules this year that may affect your tax return. Here are eight [...]

Couresy of irs.gov Bartering is the trading of one product or service for another. Often there is no exchange of cash. Small businesses sometimes barter to get products or services [...]

Important Reminders about Tip Income Courtesy of irs.gov If you get tips on the job from customers, the IRS has a few important reminders: Tips are taxable.  You must pay federal income [...]