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
Tag: tax tips
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
Don’t Miss These Deductions and Credits
Don’t overpay taxes by overlooking tax deductions, credits, and elections on your tax return. See the most common ones listed below that could cost you “money”. Credits Education Credits. Send your children to school and get a tax credit under
Small Business and Self-Employed Tax Center
Do you feel overwhelmed sometimes by all the tax information needed to run your business? Well, you don’t have to be an expert. The IRS has the Small Business and Self-Employed Tax Center to help business owners know the basics
EITC Awareness Day
The Internal Revenue Service (IRS) invites community organizations, elected officials, state and local governments, employers, and other interested parties to join a nationwide effort on Earned Income Tax Credit (EITC) Awareness Day, January 31, 2014. IRS estimates four of five eligible
IRS Resources
The IRS will start processing federal income tax returns starting Friday, January 31, 2014. If you need tax help, the IRS website has forms, information, and IRS contact information you need. The quickest way to get federal income tax information
Tax Tip – 5 Tax Mistakes to Avoid
1. Not Filing a Tax Return Always file, even if you do not have the money to pay the taxes you owe. The IRS considers not paying on time and not filing as two separate issues, and a penalty is involved