{3:18 minutes to read}
If you’re looking for a job, surprisingly, some of the expenses may be deductible. The IRS allows a deduction for searching for a new job, however, as always, there are some restrictions.
Some of the costs or expenses you can deduct are:
{3:00 minutes to read} We all know one of the most significant, life changing events many people go through is separation or divorce. At that time, income taxes may not be your number one priority, but here are some quick tips to remember as you navigate these waters.
Child Support
If you are paying child support, it is not deductible on your tax return. People often get confused by this, but if you think it through, it’s pretty simple. When a married couple buys clothing or school supplies for their children, they cannot deduct those purchases, so just because you give those funds to an ex-spouse doesn’t make them deductible. Continue reading
{3:42 minutes to read} If you are a working parent or a parent looking for work, you will probably need to pay for childcare. These expenses could qualify for a tax credit that could reduce your federal and state income taxes.
The credit is commonly referred to as the Child Dependant Care Credit, but like everything else in the tax code, it is subject to certain regulations. Continue reading
{3:48 minutes to read} The IRS is becoming more and more strict about how employers categorize their workers, as to whether they are independent contractors or employees.
There are basically 3 areas that the IRS considers when deciding if a person is an employee or an independent contractor. Continue reading
{3:00 minutes to read} If you own a small business there is a good chance that you are using a personal automobile for that business. In fact, you may even have purchased the automobile through the small business.
In either case, you are now faced with the daunting task of keeping proper records. The IRS demands that in order to deduct automobile expenses for a business you must have WRITTEN documentation, this documentation must be kept contemporaneously at or around the time of the expense. Continue reading
{3:48 minutes to read} The IRS mails many notices and letters to taxpayers each year. There are a variety of reasons why this might happen. Here are some things you should know in case you receive one.
First, do not panic. You can often take care of any notice by simply responding to it. The IRS notice will usually be about a specific issue on your Federal tax return and/or tax account, such as: Continue reading
{2:42 minutes to read} For whatever reason, you did not file your taxes on time:
Well, you should care, because it’s not best practices to fail to file a tax return if you are required to. Continue reading
{3:48 minutes to read} So you visited with your tax preparer and hopefully they gave you some good advice. Now it’s time to put some of that advice into action.
When it’s not tax time, there are things that all taxpayers should do in order to alleviate their tax burden for the next year. Continue reading
{2:12 minutes to read} As many of you know, in 2013 a new tax came into being. It is called the Net Investment Income Tax.
This is a tax on investment income, at a rate of 3.8%, on the lesser of either your net investment income or the amount by which your modified adjusted gross income exceeds a threshold based on your filing status. Continue reading
{3:54 minutes to read} Most taxpayers are aware of capital gains and losses, because somewhere along the way they might have sold some stocks and/or bonds. Just to clarify a little more about what capital gains/losses are, and what is reportable and not, I offer the following:
Capital Assets
Capital assets include property such as: Continue reading
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