Entrepreneurs: What can you deduct and when?
Starting a new business is an exciting time. But before you even open the doors, you generally have to spend a lot of money. You may have to train workers [...]
Know Before Deducting a Charitable Donation
The IRS offers the following facts when it comet to deducting charitable donations. If you gave money or goods to a charity in 2015, you may be able to claim [...]
Capital Gains and Losses
Information provided by irs.gov When you sell a capital asset, the sale normally results in a capital gain or loss. A capital asset includes most property you own for personal [...]
Tips for deducting losses from a disaster, fire or theft
If you suffer damage to your home or personal property, you may be able to deduct these “casualty” losses on your federal income tax return. A casualty is a sudden, [...]
3 income-tax-smart gifting strategies
If your 2015 tax liability is higher than you’d hoped and you’re ready to transfer some assets to your loved ones, now may be the time to get started. Giving [...]
Tips on Unemployment Benefits
If you lost your job, you may qualify for unemployment benefits. These benefits may be taxable. Facts about unemployment compensation: Unemployment is taxable and you need to include all unemployment [...]
Early Retirement Distributions and Your Taxes
Information from irs.gov You may have the need to take money early from your IRA or retirement plan. This can trigger an additional tax on top of the income tax you may [...]
Save Money and Cut Taxes with Home Energy Credits
Information courtesy of irs.gov Specific home improvements will help cut taxes while you save money on your home energy bills. Non-Business Energy Property Credit Part of this credit is worth [...]
Make a 2015 contribution to an IRA before time runs out
Tax-advantaged retirement plans allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. But annual contributions are limited by tax law, and any unused limit [...]
2 benefits-related tax credits just for small businesses
Tax credits reduce tax liability dollar-for-dollar, making them particularly valuable. Two valuable credits are especially for small businesses that offer certain employee benefits. Can you claim one — or both — [...]
Popular deductions taken each year by Taxpayers
Information from irs.gov Medical expense deduction: This can be a helpful deduction if you have a high-deductible health insurance and a big-time medical event in one year. You can deduct [...]
What’s your charitable donation deduction?
When it comes to deducting charitable gifts, all donations are not created equal. As you file your 2015 return and plan your charitable giving for 2016, it’s important to keep [...]
Taxable and Non-Taxable Income
Information courtesy of irs.gov All income is taxable unless a law specifically says it isn’t. Here are some basic rules you should know to help you file an accurate tax [...]
How to max out education-related tax breaks
If there was a college student in your family last year, you may be eligible for some valuable tax breaks on your 2015 return. To max out your education-related breaks, [...]
Social Security Benefits: Are they taxable?
Information from irs.gov If you receive Social Security benefits, you may have to pay federal income tax on part of your benefits. These IRS tips will help you determine if [...]