IRS.gov – Do you rent property to others? If so, you’ll want to read the following seven tax tips from the IRS about rental income and rental expenses. You generally must include in your gross income all amounts you receive as rent. Rental income is any payment you receive for the use of or occupation [...]
Filed under: Financial, Income Tax, Life, Popular General Interest | No Comments »
IRS.gov – You might be eligible for a valuable tax credit. A tax credit is a dollar-for-dollar reduction of taxes owed. Some credits are even refundable, which means you might receive a refund rather than owe any taxes at all. Here are four popular tax credits you should consider before filing your 2010 Federal Income [...]
Filed under: Financial, Income Tax, Life, Popular General Interest | No Comments »
IRS.gov – Some taxpayers may have taken an early distribution from their retirement plan last year. The IRS wants individuals who took an early distribution to know that there can be tax consequences for tapping your retirement fund. Here are ten facts about early distributions from your retirement plan: 1. Payments you receive from your [...]
Filed under: Financial, Income Tax, Life, Popular General Interest | No Comments »
FDIC.gov – Bank statements, credit card bills, canceled checks and other documents can be useful for tax purposes, as proof of a transaction or payment, or for other reasons. But how long should you keep them; when can you finally throw them away? A simple blog post really can’t tell you when it’s totally safe [...]
Filed under: Financial, Income Tax, Life, Popular General Interest | No Comments »
IRS.gov – Military members and their spouses may be eligible to receive free tax return preparation help. The IRS and U.S. Armed Forces participate in the Volunteer Income Tax Assistance program which provides free tax advice, tax preparation, return filing and other tax assistance to military members and their families. Armed Forces Tax Council – [...]
Filed under: Financial, Income Tax, Life, Popular General Interest | No Comments »
IRS.gov – You may be eligible for a tax credit if you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement (IRA). Here are six facts the IRS wants you to know about the Savers Credit: 1) Income Limits – The Savers Credit, formally known as the Retirement Savings Contributions [...]
Filed under: Financial, Income Tax, Life, Popular General Interest | No Comments »
IRS.gov – The IRS receives thousands of reports each year from taxpayers who receive suspicious emails, phone calls, faxes or notices claiming to be from the Internal Revenue Service. Many of these scams fraudulently use the Internal Revenue Service name or logo as a lure to make the communication more authentic and enticing. The goal [...]
Filed under: Income Tax, Internet, Internet Scams, Life, Popular General Interest | No Comments »
In today’s economy, small business owners sometimes look to the oldest form of commerce – the exchange of goods and services, or bartering. The IRS wants to remind small business owners that the fair market value of property or services received through barter is taxable income. Bartering is the trading of one product or service [...]
Filed under: Business, Financial, Income Tax, Life, Popular General Interest | No Comments »
Have you ever been confused about capital gains and capital losses when filing your Federal income tax return? Many people don’t realize that almost everything you own and use for personal or investment purposes is a capital asset. Capital assets include a home, household furnishings, and stocks and bonds held in a personal account. When [...]
Filed under: Financial, Income Tax, Life, Popular General Interest | No Comments »
IRS.gov – You may be able to take a tax credit of up to $13,170 for qualified expenses paid to adopt an eligible child. The Affordable Care Act increased the amount of the adoption expenses tax credit and made it refundable, which means it can increase the amount of your tax refund. Here are seven [...]
Filed under: Financial, Income Tax, Life, Popular General Interest | No Comments »