You can deduct losses you incurred from gambling on your tax return, but only up to the amount of your winnings. Since gambling loss deductions are dependent on your winnings, you’ll need to report all the money you win from gambling to the IRS. This means you’ll have to include it in your taxable income […]
— Read moreHaving children can mean you get some significant savings at tax time, relevant to your income and how old your children are. The child tax credit is worth as much $1,000 per child under the age of 17 by the end of the calendar year. Unlike deductions, credits reduce the amount you owe in taxes, […]
— Read moreCouples who are separated have decisions to make at tax time, which can affect the amount you get back in a refund, or how much you have to pay. You are able to make some of these decisions on your own, however there are a few that require both parties to be on the same […]
— Read moreIf you pay for the care of either a child or a dependent, you may qualify for a credit at tax time. Using Form 2441, taxpayers can claim their credit, however there are a variety of requirements you must meet first, so it’s important to understand all the rules. To claim the credit, you must […]
— Read moreTax credits reduce the amount of income tax you owe to the government, both federal and state dollar-for-dollar. Tax credits are offered as a reward for stimulating the economy, the environment, or other governmental concerns in a beneficial way. Most tax credits cover expenses that are paid during the year, however there are certain requirements […]
— Read moreMeals that are purchased for work or business purposes can either be fully deductible, or only 50% deductible depending on what the meals are for and a few other requirements. 50% Deductible During meetings, meals purchased for employees, stockholders, directors, agents and other business personnel are deductible at 50% of the actual cost of the […]
— Read moreUber and other independent driving services has become popular in many metro areas throughout the year. As a driver for one of these companies, you can expect to receive a Form 1099-MISC and/or a 1099-K at tax time. The company will report the amount you were paid (over $600) for the year to the IRS. […]
— Read moreMarried couples who file a joint tax return should be aware that both parties are liable for each other’s tax responsibilities, meaning if there is a balance owed, it doesn’t matter which spouse’s income the tax is owed on – both will be held equally accountable. There are some situations where one spouse may be […]
— Read moreAre you required to wear certain clothes to work to maintain a specific appearance? If so, have you ever wondered if you can count the expensive clothing you buy to wear to work as a business expense? Many employees think that they can consider work attire to be the same as a uniform, and therefore […]
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