Taxpayers who have fallen on hard times and have lost their job may be eligible for unemployment benefits. These benefits can be a lifesaver when you need to support yourself, but it’s important to remember that they are taxable. When you file your tax return keep the following facts about unemployment compensation in mind. The […]
— Read moreIf you are planning to claim your medical expenses when you file your tax return, you have to remember a few important tips in order to take a deduction for your medical expenses. Itemize – You are required to itemize your deductions if you want to claim medical expenses. You are not able to take […]
— Read moreIf you’ve never had to pay the Alternative Minimum Tax before, it doesn’t mean that you may not have to pay it in the future. If your income is above a set threshold, this may be your year to pay. The point of the tax is to ensure that taxpayers are responsible for a minimum […]
— Read moreKnowing the difference between capital gains and losses, and how each factors into your tax return can make a big difference on your stress level. Continue reading to learn more about each. Capital Gain Profits made from the sale of assets, such as stocks, real estate and mutual funds is called capital gain. Short term […]
— Read moreTaxpayers who run their own businesses, or freelancers should look for any way possible to save money at tax time. There are three different deductions that can help put more hard earned cash back in your pockets. Business Expenses Self-employed taxpayers can deduct certain business expenses that meet the following criteria: An accepted and usual […]
— Read moreWhen you chose to move funds from one retirement plan, such as an IRA or Keogh plan, it is called a direct transfer. You can also perform a direct transfer from one company plan to another, or move your money from a company plan to a personal plan. During a direct transfer, you never handle […]
— Read moreIf you pay for college, you likely are aware how quickly the expenses can add up. Thankfully, there are two different education tax credits which can assist in making higher education a little more affordable. American Opportunity Credit Worth up to $2,500 for each eligible student during the first four years of college, this credit […]
— Read moreThere are many tax terms that can get confusing if you’re not a tax expert. Basically, capital gains tax is applied to the increase in investment value. In order to understand how the tax is applied you must first know what a capital gain is. Capital Gain – the resulting amount when the purchase price […]
— Read moreEstimated Tax Payments When you have any form of income that isn’t subject to regular taxation, such as retirement distributions or self-employment pay, the IRS may hold you accountable for making payments to cover any amount of tax you may owe at the end of the year. If you don’t pay the correct amount, (your […]
— Read moreAt tax time, any different thresholds and credit eligibilities are dependent upon your specific relationship status. If you’re a newlywed, here’s what changes you should expect when you file your tax return. Filing Status Once you tie the knot before December 31st of the tax year, you file your taxes either jointly or separately as […]
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