Children investment income – income tax rules

IRS.gov – Parents need to be aware of the tax rules that affect their children’s investment income. Here are four facts from the IRS that will help parents determine whether their child’s investment income will be taxed at the parents’ rate or the child’s rate: 1) Investment Income – Children with investment income may have [...]

Employee business expenses – tax deductions

IRS.gov – If you itemize deductions and are an employee, you may be able to deduct certain work-related expenses on your income tax returns. The IRS has put together the following facts to help you determine which expenses may be deducted as an employee business expense. Expenses that qualify for an itemized deduction include: • [...]

Home office tax deduction – six facts

IRS.gov – Whether you are self-employed or an employee, if you use a portion of your home for business, you may be able to take a home office tax deduction.  Here are six facts the IRS wants you to know about the Home Office deduction: 1. Generally, in order to claim a business deduction for [...]

Health insurance tax deduction if self-employed

IRS.gov – Here is some information from the IRS about a special tax deduction for the self-employed. You may be able to deduct premiums paid for medical and dental insurance and qualified long-term care insurance for you, your spouse, and your dependents if you are one of the following: • A self-employed individual with a [...]

Nine strategies to organize your financial life

FDIC.gov – There are many reasons to organize and simplify your financial life. Eliminating clutter, saving time and reducing stress are surely among them. And here’s another motivating factor: Not keeping tabs on your finances can be costly if it results in fees or interest charges you could have avoided, investment losses, additional taxes or [...]

Energy-efficient tax credits

IRS.gov – Taxpayers who made some energy efficient home improvements or purchased energy-efficient products last year may qualify for a tax credit this year. The IRS wants you to know about these six energy-related tax credits created or expanded by the American Recovery and Reinvestment Act of 2009. 1. Residential Energy Property Tax Credit – [...]

Alternative Minimum Tax – 6 facts, 2010 changes

IRS.gov – The Alternative Minimum Tax attempts to ensure that anyone who benefits from certain tax advantages pays at least a minimum amount of tax. The AMT provides an alternative set of rules for calculating your income tax. In general, these rules should determine the minimum amount of tax that someone with your income should [...]

Choosing between standard or itemized deductions

IRS.gov – When filing your federal income tax return, taxpayers can choose to either take the standard deduction or to itemize deductions. The IRS has put together the following six facts to help you choose the method that gives you the lowest tax. Whether to itemize deductions on your tax return depends on how much [...]

Child and dependent care tax credit – ten facts

IRS.gov – If you paid someone to care for your child, spouse, or dependent last year, you may be able to claim the Child and Dependent Care Credit on your federal income tax return. Below are 10 things the IRS wants you to know about claiming a tax credit for child and dependent care expenses. [...]

Mortgage debt forgiveness – ten tax facts

IRS.gov – If you are a homeowner whose mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 tax break facts the IRS wants you to know about Mortgage Debt Forgiveness: 1. [...]

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