It’s Not Too Early to Determine Whether You Have Qualifying Health Care Coverage The individual shared responsibility provision requires you and each member of your family to have basic health coverage – also known as minimum essential coverage – qualify
Tag: income
Tax Tips for Beauty and Barber Shops
If you own a beauty or barber shop, or are self-employed, visit IRS.gov for all your tax needs. Knowing the tax rules can help your business start, grow and succeed. For example, see IRS Publication 4902, Tips for the Cosmetology
Additional Medicare Tax Information
Additional Medicare Tax – What You Need to Know Some taxpayers may be liable for an Additional Medicare Tax if your income exceeds certain limits. Here are six things that you should know about this tax:
Make An IRA Transfer to Charity for 2014
The Tax Increase Prevention Act extends the provision that allows certain IRA owners to make tax free distributions to charity. The extension applies for the 2014 tax year. This means if the law applies to you, the deadline to complete
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
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
Tax Tips – Gambling Income and Losses
Six Tips on Gambling Income and Losses Whether you roll the dice, play cards or bet on the ponies, all your winnings are taxable. The IRS offers these six tax tips for the casual gambler. Gambling income includes winnings from
Tax Tips – Summer Job Tax Information for Students
When summer vacation begins, classroom learning ends for most students. Even so, summer doesn’t have to mean a complete break from learning. Students starting summer jobs have the opportunity to learn some important life lessons. Summer jobs offer students the