{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
{3:48 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
{1:50 minutes to read} If you receive tips or gratuities at work, there are some things you should know about that type of income as it relates to taxes. To help, here are a few “Tips.” Continue reading
{3:30 minutes to read} Basically, there are two types of exemptions:
Usually, you can deduct $3,950 for each exemption you claim on your 2014 tax return. Most states also give a deduction for dependents. Continue reading
[Time to Read: 1.3 mins]
Did you realize as a taxpayer you have rights? Well, actually, you do.
As citizens of the United States of America, who are responsible to pay taxes in order to allow our government to continue to run, we do have some rights. The following are excerpts from an IRS publication, which delineates those rights:
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