Important Reminders about Tip Income
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 [...]
Are Your Social Security Benefits Taxable?
Information courtesy of irs.gov Some people must pay taxes on part of their Social Security benefits. Others find that their benefits aren’t taxable. If you get Social Security, the IRS [...]
IRS Tips about Taxable and Nontaxable Income
Courtesy of irs.gov Are you looking for a hard and fast rule about what income is taxable and what income is not taxable? The fact is that all income is [...]
The Premium Tax Credit
Courtesy of irs.gov The premium tax credit can help make purchasing health insurance coverage more affordable for people with moderate incomes. To be eligible for the credit, you generally need [...]
Eight Tax Savers for Parents
Courtesy of irs.gov Your children may help you qualify for valuable tax benefits. Here are eight tax benefits parents should look out for when filing their federal tax returns this [...]
Child Tax Credit May Cut Your Tax
Courtesy of irs.gov If you have a child under age 17, the Child Tax Credit may save you money at tax time. Here are some key facts the IRS wants [...]
There’s still time to get substantiation for 2013 donations
To support a charitable deduction, you need to comply with IRS substantiation requirements. This generally includes obtaining a contemporaneous written acknowledgment from the charity stating the amount of the donation, [...]
Home office deduction 101
If your use of a home office is for your employer’s benefit or because you’re self-employed, you may be able to deduct a portion of your mortgage interest, property taxes, [...]
Choosing the Right Filing Status
Courtesy of irs.gov Using the correct filing status is very important when you file your tax return. You need to use the right status because it affects how much you [...]
Which Tax Form Should You File?
Which form should you use to file your federal income taxes? Today, most people use a computer or CPA firm to prepare federal income tax forms. But if you decide [...]
I didn’t get a W-2. What now?
The Internal Revenue Service requires employers to get their employees their earnings information by the end of each January. But if your Form W-2 never arrives, you can create your [...]
File early to reduce your risk of tax return fraud
In an increasingly common scam, identity thieves use victims’ personal information to file fraudulent tax returns electronically and claim bogus refunds. When the real taxpayers file their returns, they’re notified [...]
Who Should File a 2013 Tax Return?
January 28, 2014 Suggestions courtesy of IRS.gov Do you need to file a federal tax return this year? Perhaps. The amount of your income, filing status, age and other factors [...]
Are you meeting the ACA’s additional Medicare tax withholding requirements?
Under the Affordable Care Act (ACA), beginning in 2013, taxpayers with FICA wages over $200,000 per year ($250,000 for joint filers and $125,000 for married filing separately) had to pay [...]