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 [...]
Information taken from a bulletin issued by the IRS The Internal Revenue Service has warned return preparers and other tax professionals to be on guard against bogus emails that are making [...]
If you’re a “large” employer, you should be preparedfor the Affordable Care Act’s (ACA’s) shared responsibility provision, commonly referred to as “play-or-pay", that went into effect in 2015. Under transitional [...]
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 [...]