For 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 […]
— Read moreIf you enjoy trying your luck at the tables, watching the slots spin, or hoping for your horse to win, any money you’ve won from these activities are taxable, ad must be reported to the IRS. You may enjoy a game of chance every once in a while, however, you should never gamble with your […]
— Read moreWhen you opt not to have taxes withheld from your wages, or if you haven’t paid enough each paycheck, then you may be required to make estimated tax payments. Similarly, those who are self-employed typically pay income tax through estimated payments. Four Important Facts about Estimated Taxes If you think you need to pay estimated […]
— Read moreDealing with the loss of a job can be stressful, even if you’ve just been laid off. You’re struggling to figure out how to make ends meet, and in this time, unemployment benefits may be the answer to the help you seek. However, you need to remember that they are taxable. When calculating your income […]
— Read moreIf you’re trying to determine the difference between taxable and non-taxable income, you should remember one basic fact: All income not specifically excluded by law is taxable. Basically, any money you receive in the form of work wages or tips is taxable. Additionally any income that you gain from property or services, whether cash or […]
— Read moreOften, you’ll have to choose between itemizing your deductions and taking a standard deduction when you are filing your taxes. You should determine what your deductions amount to using both methods, then choose which option decreases the amount of tax that you owe. Typically, the method that leads to the largest deduction will provide the […]
— Read moreIf you’re planning for your retirement by building a savings through an IRA or 401(k) plan, there’s a god chance you may qualify for a special tax credit. The Saver’s Credit is available to those with retirement plans, and can help reduce your tax liability. Also known by its extended name, The Retirement Savings Contribution […]
— Read moreIf you have children, you may be entitled to beneficial tax credits. There are a few credits that are specifically targeted towards parents, and can be extremely helpful when it comes to saving money or offsetting the costs of raising children. In most scenarios, you can claim your child as a dependent, including children just […]
— Read moreThis year, there are new rules that apply to taxpayers who want to deduct any type of medical expenses on their tax return. These new rules can affect your return, and you should be aware before you file. Familiarize yourself with the following guidelines if you are seeking deductions for your medical or dental expenses.
— Read moreHealth insurance premiums can be expensive, but thankfully there is a tax credit that can help offset the cost for moderate income families. There are three requirements that must be fulfilled in order to claim the premium tax credit: Health insurance coverage must be obtained through the Health Insurance Marketplace. You can choose a plan […]
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