The IRS announced on February 22 that its processing systems have been reprogrammed to handle the three benefits most likely to be claimed on returns filed early in the
Tag: itemize
What Deduction Should You Take – Itemized or Standard?
Itemize or Choose the Standard Deduction Most taxpayers claim the standard deduction when they file their federal tax return. However, some filers may be able
Tax Documents You’ll Need to File Your Tax Return
Tax Documents Due Date By law, employers have until January 31st (or the next business day if it’s a weekend or holiday) to send you
How to Report Gambling Income and Losses on Your Tax Return
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
Can I Claim My Expenses as Miscellaneous Itemized Deductions on Schedule A (Form 1040)?
Use the IRS Interactive Tax Assistant Tool to see if you can claim miscellaneous itemized deductions on your tax return. You may be able to deduct
Tax Tips – Employee Business Expenses
Five Tips You Should Know about Employee Business Expenses If you paid for work-related expenses out of your own pocket, you may be able to deduct
Home Office Deduction
Top Six Tips about the Home Office Deduction If you use your home for business, you may be able to deduct expenses for the business
Reduce Tax Bill by Making Early Mortgage Payment
Making your January 2015 mortgage payment in December 2014 can help increase your mortgage interest deduction which in turn can lower your taxable income. When
Year-End Gifts to Charity
The Internal Revenue Service reminds individuals and businesses making year-end gifts to charity that several important tax law provisions have taken effect in recent years.
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