Everyone knows that an adoption can be very expensive. In order to facilitate more adoptions, the government provides a tax credit to help ease part of the cost of an adoption.
Adoption Credit Helps with the Cost of an Adoption
Tax Tips for the Self Employed
Being self employed requires keeping track of one's business expenses as well as tracking and paying Federal and State taxes due. Here are a few simple tips to keep in mind when preparing your income taxes.
Debt Cancellation is Not Tax Free
A Bank might be forgiving but the IRS is not. When a debt is forgiven or lowered, there might be a reportable income event with such forgiveness. Our US tax system treats this as income required to be reported in the year the debt was forgiven or modified. There are a few narrow exceptions but failure to report this type of income could cause major havoc a few years later.
Are My Unemployment Benefits Taxable?
Your unemployment benefits may not be much but you can be assured that they are subject to income tax. Many elect to have no withholding on the unemployment benefits. Don't be surprised if your refund is small or there is a balance due. Here are a few tips regarding the taxability of the unemployment benefits.
