If you have a rental property, you are required to report the income you receive from tenants on your tax return. However, if you have a property that you use as your own home for most of the year, but rent for a short term, you may not have to report the income. In fact, […]
— Read moreThe summer is a great time to pursue a job if you’re a student. You have more free time, you gain responsibility, and learn about the real working world. This also means you’ll have to pay taxes, just like every other employee. These taxes support local communities, state, and federal governments. Students who chose to […]
— Read moreThose who receive Social Security income may be required to pay taxes on part of their benefits, though there are some who discover their benefits aren’t subject to federal tax. If you receive Social Security, how can you tell if your benefits are taxable? The following facts can shed a little light on how your […]
— Read moreFor most taxpayers, April 15th is the due date for filing your tax return. You won’t incur a penalty if you file your return later than the due date if you’re only owed a refund. However, if you owe money, and you don’t file (or pay) on time, you will incur late charges and interest […]
— Read moreThis year, taxpayers may notice a new tax that applies to income from investments. Known as the Net Investment Income Tax, you may be responsible for paying this tax if your regular income is over a certain threshold, and you have investment income. If you think you might be subject to this tax, you’ll want […]
— Read moreCertain miscellaneous expenses, like consultation fees for tax services that you incur throughout the year, may be able to be deducted at tax time. If you chose to itemize your expenses, you may even be able to lower the amount of taxes you owe. If you want to claim miscellaneous deductions on your tax form, […]
— Read moreTaxpayers are required to pay tax on any income received from investments. The same applies to children with investment income. If a child is unable to file their own return, the responsibility lies with the parent or legal guardian to ensure a tax return has been filed correctly. Depending on the type of investment income, […]
— Read moreWhen you seek out a new job in the same occupation, you may be able to deduct some of the costs you incur through the hunting process. If you want to know how to get a little more cash back in a time when you’re trying to save, you should be aware of the following […]
— Read moreFor taxpayers who contribute to an IRA, tax time can lead to many questions regarding how those contributions may affect your taxes. If you chose to save for retirement through an IRA, there are some important things you should know. In order to contribute to a traditional IRA, you have to be under 70 ½ […]
— Read moreFor those who work from home, there is a new option for claiming the home office deduction which makes the process simpler. Figuring out the deduction for using you home as a business used to be a little more complicated, but starting this tax year, the new option will help you maintain records, and make […]
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