Tips on Unemployment Benefits
If you lost your job, you may qualify for unemployment benefits. These benefits may be taxable. Facts about unemployment compensation: Unemployment is taxable and you need to include all unemployment [...]
Early Retirement Distributions and Your Taxes
Information from irs.gov You may have the need to take money early from your IRA or retirement plan. This can trigger an additional tax on top of the income tax you may [...]
Save Money and Cut Taxes with Home Energy Credits
Information courtesy of irs.gov Specific home improvements will help cut taxes while you save money on your home energy bills. Non-Business Energy Property Credit Part of this credit is worth [...]
Make a 2015 contribution to an IRA before time runs out
Tax-advantaged retirement plans allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. But annual contributions are limited by tax law, and any unused limit [...]
2 benefits-related tax credits just for small businesses
Tax credits reduce tax liability dollar-for-dollar, making them particularly valuable. Two valuable credits are especially for small businesses that offer certain employee benefits. Can you claim one — or both — [...]
Popular deductions taken each year by Taxpayers
Information from irs.gov Medical expense deduction: This can be a helpful deduction if you have a high-deductible health insurance and a big-time medical event in one year. You can deduct [...]
What’s your charitable donation deduction?
When it comes to deducting charitable gifts, all donations are not created equal. As you file your 2015 return and plan your charitable giving for 2016, it’s important to keep [...]
Taxable and Non-Taxable Income
Information courtesy of irs.gov All income is taxable unless a law specifically says it isn’t. Here are some basic rules you should know to help you file an accurate tax [...]
How to max out education-related tax breaks
If there was a college student in your family last year, you may be eligible for some valuable tax breaks on your 2015 return. To max out your education-related breaks, [...]
Social Security Benefits: Are they taxable?
Information from irs.gov If you receive Social Security benefits, you may have to pay federal income tax on part of your benefits. These IRS tips will help you determine if [...]
Tax Savers for Parents
Information from IRS If you are a parent be sure to consider the following tax savers when having your tax return prepared. Dependents. Usually, you can claim your child as a [...]
Deduct home office expenses — if you’re eligible
Today it’s becoming more common to work from home. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. Eligibility requirements If [...]
Why investing in small-business stock may make more tax sense than ever
By purchasing stock in certain small businesses, you can not only diversify your portfolio but also enjoy preferential tax treatment. And under a provision of the tax extenders act signed [...]
Extension means businesses can take bonus depreciation on their 2015 returns — but should they?
Bonus depreciation allows businesses to recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Protecting Americans from Tax Hikes Act of 2015 [...]
Choose the Correct Filing Status
Information form irs.gov It’s important to use the right filing status when you file your tax return. The status you choose can affect the amount of tax you owe for [...]