When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs (though of course the specific rules are more complex). If when filing your 2014 income [...]
Information courtesy of IRS.gov Employees usually have taxes withheld from their pay. If they don’t have taxes withheld, or don’t have enough tax withheld, then they may need to make estimated tax [...]
Information taken from IRS.gov Starting in 2013, you may be liable for an Additional Medicare Tax if your income exceeds certain limits. Here are six things that you should know [...]
Information courtesy of IRS.gov Starting in 2013, some taxpayers may be subject to the Net Investment Income Tax. You may owe this tax if you have income from investments and [...]
Information courtesy of IRS.gov Do you owe more tax than you can afford to pay when you file? Make sure to file on time so you won’t have a penalty for [...]
Information taken from irs.gov If you paid for work-related expenses, you may be able to deduct those costs. Ordinary and Necessary. You can only deduct unreimbursed expenses that are ordinary [...]
Info courtesy of IRS Farms include ranches, ranges and orchards. Some raise livestock, poultry or fish. Others grow fruits or vegetables. Individuals report their farm income on Schedule F, Profit [...]
Still filing a paper return? Be sure you understand the “timely mailed = timely filed” rule. The IRS considers a paper return that’s due April 15 to be timely filed [...]
Courtesy of IRS.gov Did you change your name last year? If so, it can affect your taxes. All the names on your tax return must match Social Security Administration records. A [...]
Information courtesy of IRS Are you a U.S. citizen or resident who worked abroad last year? Did you receive income from a foreign source in 2014? Report Worldwide Income. By [...]
Generally, you’ll need to file a gift tax return for 2014 if, during the tax year, you made gifts: That exceeded the $14,000-per-recipient gift tax annual exclusion (other than to [...]
Courtesy of IRS If your home is used for business, you may be able to deduct expenses for the business use of your home. If you qualify you can claim [...]
Information courtesy of IRS.gov When you sell a capital asset the sale results in a capital gain or loss. A capital asset includes most property you own for personal use [...]
The deadline for 2014 IRA contributions is April 15, 2015. The limit for total contributions to all IRAs generally is $5,500 ($6,500 if you were age 50 or older on [...]
Information courtesy of IRS You can reduce your taxes and save on your energy bills with certain home improvements. Facts that you should know about home energy tax credits: Non-Business [...]