Tax credits can be especially valuable because they reduce taxes dollar-for-dollar; deductions reduce only the amount of income that’s taxed. A couple of credits are available for higher education expenses: [...]
If you purchased qualifying assets by Dec. 31, 2013, you may be able to take advantage of these depreciation-related breaks on your 2013 tax return: 1. Bonus depreciation. This additional [...]
Information courtesy of IRS If you contribute to a retirement plan, like a 401(k) or an IRA, you may be eligible for the Saver’s Credit. The Saver’s Credit can help [...]
For the last several years, taxpayers have been allowed to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes. Although this [...]
Cortesy of irs.gov When you sell a ’capital asset,’ the sale usually results in a capital gain or loss. A ‘capital asset’ includes most property you own and use for [...]
One of the most common mistakes investors make is forgetting to increase their basis in mutual funds to reflect reinvested dividends. Many mutual fund investors automatically reinvest dividends in additional [...]
Information courtesy of IRS tax tips When you file your tax return, you usually have a choice whether to itemize deductions or take the standard deduction. Before you choose, [...]
Recently released IRS final regulations for the Affordable Care Act’s (ACA’s) employer shared-responsibility provision provide some short-term relief for midsize and large employers. Under the ACA, the shared-responsibility provision (commonly [...]
Courtesy of irs.gov If you lose your job or your employer lays you off, you may be able to get unemployment benefits. The payments are taxable. Here are five [...]
Courtesy of irs.gov 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 [...]
Important Reminders about Tip Income Courtesy of irs.gov If you get tips on the job from customers, the IRS has a few important reminders: Tips are taxable. You must pay federal income [...]
Information courtesy of irs.gov 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, the IRS [...]
Courtesy of irs.gov Are you looking for a hard and fast rule about what income is taxable and what income is not taxable? The fact is that all income is [...]
Courtesy of irs.gov The premium tax credit can help make purchasing health insurance coverage more affordable for people with moderate incomes. To be eligible for the credit, you generally need [...]