2016 Inflation Adjustments for Tax Benefits Announced
For tax year 2016, the Internal Revenue Service today announced annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2015-53 provides details about these annual adjustments. The tax items for tax year 2016 of greatest interest to most taxpayers include the following dollar […]
Tax Tips for Families who Use a Nanny
Hiring a nanny will impact your life in many ways, including your finances. In addition to the salary you pay your nanny, you are expected to pay a combination of taxes. Neglecting to do so could lead to trouble with the IRS, including large penalties. Commonly referred to as the “nanny tax,” this is nothing […]
When to Lease Business Equipment Instead of Buying
As things stand now, the tax breaks for buying depreciable business property have been watered down for the 2015 tax year. Consider leasing business equipment instead of buying it. Generally, you can write off the entire cost of leasing without a huge upfront commitment. Also, leasing isn’t forever. If the tax breaks for buying property […]
Tax Deductible Donations Go Further on North Texas Giving Day
As we get closer to the end of the year, charitable organizations and nonprofits start gearing up for year end fundraising, since many people wait until the end of the year to make their tax deductible donations. The holiday season tends to bring out more charitable attitudes of the general public. However, North Texas has […]
Job Search Expenses May be Tax Deductible
People often change their job in the summer. If you look for a job in the same line of work, you may be able to deduct some of your job search expenses. Here are some key tax facts you should know about if you search for a new job: Same Occupation. Your expenses must be […]
Why File Married Filing Separate?
One of the first questions asked when preparing a tax return is how to file: married filing jointly, or married filing separately? The way the tax code is written, married filing jointly usually results in a lower tax bill than if filed married filing separate. For this reason, the IRS generally advises spouses to file […]
Filing Taxes After Divorcing or Separating
Income tax may be the last thing on your mind before, during, or after a divorce or separation. However, these events can have a big impact on your taxes. Alimony and changing your name are just a few items you may need to consider. Filing taxes after divorcing or separating can be confusing. Here are […]
If You Get an IRS Notice, Here’s What to Do
Each year the IRS mails millions of notices and letters to taxpayers. If you receive a notice from the IRS, here is what you should do: Don’t Ignore It. You can respond to most IRS notices quickly and easily. It is important that you reply right away. Focus on the Issue. IRS notices usually deal […]
Ten Things to Know About Identity Theft & Your Taxes
Learning you are a victim of identity theft can be a stressful event. Identity theft is also a challenge to businesses, organizations and government agencies, including the IRS. Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. Many times, you may not be […]
Life Changes Cause Tax Changes: Mid-Year Review
Each year, many people get a larger refund than they expected. Some find they owe a lot more tax than they thought they would. If this happened to you, review your situation to prevent another tax surprise. Did you marry? Have a child? Have a change in income? Some life events can have a major […]
Tax Breaks for Disabled – 25th Anniversary of ADA
Sunday, July 26th was the 25th anniversary of the Americans With Disabilities Act (ADA), and the Internal Revenue Service is marking the occasion by highlighting a number of tax benefits and services that can help taxpayers with disabilities. ABLE Accounts This new program was passed by Congress in December. Under the law, states can offer […]
Tax Tips for Reporting Hobby Income
Millions of people enjoy hobbies. They can also be a source of income. Some of these types of hobbies include stamp or coin collecting, craft making and horse breeding. You must report any income you get from a hobby on your tax return. How you report the hobby income is different than how you report […]
How to Pay Your Tax Bill
While many people get a refund from the IRS when they file their taxes, some do not. If you owe federal taxes, the IRS has several ways for you to pay. Here are some quick tips for people who owe taxes: Pay your tax bill. If you get a bill from the IRS, you’ll save […]
Vacation Home Rentals & Your Taxes
Do you own a vacation home or second home? If you rent a home to others, you usually must report the rental income on your tax return. But you may not have to report the income if the rental period is short and you also use the property as your home. In most cases, you […]
What You Need to Know About the Child and Dependent Care Credit
Day camps are common during the summer months. Many parents pay for them for their children while they work or look for work. If this applies to you, your costs may qualify for a federal tax credit that can lower your taxes. Here are the top things to know about the Child and Dependent Care […]
Reporting Gambling Winnings on Your Tax Return- Don’t Play with the IRS!
Going on a fun trip this summer where you’re planning to do some gambling? Whether you like to play slots, blackjack, or bet on races, your gambling winnings are taxable. The IRS requires that all gambling income is reported on your tax return. If you’re a casual gambler, odds are good that these basic tax […]
Offer in Compromise: Tips for Choosing a Representative
In order to help people settle their tax debt for less than what they owe, the Internal Revenue Service sometimes allows what is known as an Offer in Compromise. Submitting an Offer in Compromise can be a complicated matter, and here are some tips you can use to hire the right professional to represent you. […]
Why You Should Review Your W-4
When you get a new job, your employer is required to have you complete paperwork for payroll. One such form is the W-4, which determines your federal tax withholding. What many people may not realize is this W-4 form means the difference between a refund or owing the IRS money when you file your tax […]
Five Tax Tips for New Businesses
If you start a business, one key to success is to know about your federal tax obligations. You will need to know not only about income taxes but also about payroll taxes and applicable state and local taxes. Here are five basic tax tips that can help get your business off to a good start. […]
Deducting Losses from a Disaster on Your Tax Return
Massive flooding of Texas and Oklahoma has caused widespread damage to businesses and homes. If you suffer damage to your home or personal property, you may be able to deduct casualty losses you incur on your federal income tax return. Here are 10 tips you should know about deducting losses: 1. Casualty loss. You may […]
