When you are self-employed, it typically means you work for yourself, as an independent contractor, or own your own business. Here are six key points the IRS would like you to know about self-employment and self-employment taxes: Self-employment income can
Category: Taxes
Free Copy of Tax Return Transcript
Your Tax Return or Tax Account Transcript can be Ordered Online for Free A transcript is acceptable as a substitute for a copy of a previously filed tax return in many situations. The IRS offers two types of transcripts: Tax
Employee Business Expenses
Employees often give a little extra in their jobs. If that giving is literal, you paid some work-related costs and weren’t reimbursed, so you may be able to turn your professional dedication into a tax break. Itemization required Many unreimbursed employee
IRS Swamped
The Internal Revenue Service said Tuesday that its Modernized e-File Prouction system is taking longer to generate federal acknowledgments for tax return filings. The IRS said the situation “may continue throughout the remainder of the day as receipts increase” of
College Tax Benefits for 2012 and Years Ahead
Parents and Students: Check Out College Tax Benefits for 2012 and Years Ahead IR-2013-22, Feb. 22, 2013 WASHINGTON — The Internal Revenue Service today reminded parents and students that now is a good time to see if they qualify for
Report 2010 Roth Conversions on 2012 Returns
IRS Reminds Taxpayers to Report 2010 Roth Conversions on 2012 Returns IR-2013-21, Feb. 19, 2013 WASHINGTON — The Internal Revenue Service reminds taxpayers who converted amounts to a Roth IRA or designated Roth account in 2010 that in most cases
10 Facts About Mortgage Debt Forgiveness
Canceled debt is normally taxable to you, but there are exceptions. One of those exceptions is when the debt is partly or entirely forgiven during 2007 through 2012. Here are 10 facts about mortgage debt forgiveness: Normally, debt forgiveness results
Alimony and Taxes
When the end of matrimony leads to the start of alimony, each parting partner can feel the tax effects. If you are the ex-spouse getting alimony payments, the money is taxable to you as income in the year it is received. This
Deducting Mortgage Points
If you have ever taken out a mortgage, you probably already know of the tax advantage provided by deducting your mortgage interest payments. But many homeowners overlook another tax break available for points paid to get a home loan. In some cases,
High Traffic on “Where’s My Refund”
The IRS today alerted taxpayers and the tax community it is experiencing high traffic on Where’s My Refund as more tax returns come in. The heavy volume of refund inquiries means that the IRS anticipates both “Where’s My Refund?” on