Top Tips on Making IRA Contributions If you made IRA contributions or you’re thinking of making them, you may have questions about IRAs and your taxes. Here are some important tips from the IRS about saving for retirement using an
Category: Taxes
Need More Time to File Taxes?
These are some tips to help you request more time to file or if you need to make a payment to the Internal Revenue Service (IRS). Tuesday, April 15, 2014 is the deadline to timely file your personal income tax
Taxes and Early Retirement Withdrawals
Taking money out early from your retirement plan may trigger an additional tax. You will receive Form 1099-R from your plan administrator. Here are six things from the IRS that you should know about early withdrawals from retirement plans: An
Unemployment Benefits
If you lose your job or your employer lays you off, you may be able to get unemployment benefits. The payments may be a welcomed relief. But you should know that they are taxable. Here are five important facts from
Is Social Security Taxable?
Some people must pay taxes on part of their Social Security benefits. Others find that their benefits aren’t taxable. If you get Social Security, here is information to help you determine if some of your benefits are taxable. Here are
Medical and Dental Expense Deductions
If you plan to claim a deduction for your medical expenses, there are some new rules this year that may affect your tax return. Here are eight things you should know about the medical and dental expense deduction: AGI threshold
Tax Savings for Parents
Do you feel the pain of expenses throughtout the year raising a child; school, daycare, college, etc.? Others feel your pain. The IRS offers a number of tax breaks to offset the cost of raising a child. It may be confusing
Tip Income Reminders
Important reminders for those that receive tips on the job from customers: Tips are taxable. You must pay federal income tax on any tips you receive. The value of noncash tips, such as tickets, passes or other items of value are
Taxable and Nontaxable Income
Are you confused about what income is taxable and what income is not taxable? Taxable income can include money you receive, such as wages and tips, or noncash income from property or services. For example, both parties in a barter exchange
Alternatives to Calling the IRS Next Week
IRS Warns of Heavy Call Volume, Offers Tips for Faster Answers WASHINGTON – The IRS reminded taxpayers the Presidents Day holiday period typically marks one of the busiest weeks of the tax filing season for its phone lines. There are