Year: 2016

Home repairs can be draining on your pocket book. However, some repairs help the environment and save you money on energy costs. As an incentive, the government is offering various credits to ease the pain of making these changes to your home. Home Energy...

Some taxpayers have a hobby or craft that could be a money maker. This could be almost any type of activity whereby you charge a fee or sell a product. The mere fact that you call something a business, does not mean that the IRS cannot disallow losses or expenses...

As the housing market improves, some taxpayers may incur a gain on the sale of their personal residence. Part if not all of that gain may not be subject to income or capital gain tax.Here is a summary of some of the potential situations that may arise: How Selling...

Many take up a cause and travel to a place where they can help those in need. This is a great way to give back and to get a small tax benefit for your service. Here is a few tips for those who volunteer with a charitble organization. IRS Offers Tips on Charity...

If you did not get your tax refund, the IRS may not be the reason for the oversight. Other government agencies can grab your refund if you owe specific types of debts. Search deep into your past to determine if there is a reason for the offset. Calling the IRS is an...

Capital gains are nice for two reasons. One, you probably made money. The second reason is that they might be taxed at a lower rate. Capital loss are the opposite. First, you lost money. Second, the losses might be limited.Below are some interesting facts about...

In order to avoid problems, secure and report all Forms W-2 on your tax filing. IRS does what is called a matching report 12-18 months after the tax season. Any missing 1099s or W-2s will be part of a proposed adjustment. Forgetting to report income could result in...

Choosing a bad tax preparer could be devastating. Missing deductions or credits, erroneous positions, blown filing deadlines and bad advice are some of the potential downside to picking the wrong person to prepare your tax return.  Here are a few tips on...

There are still many taxpayers that do not trust the E-file system. There are always risks involved with any transaction but the benefits clearly outweight the risks. Remember to use a qualified tax preparer. Below are several reasons to E-file your tax return. Six...

With tax season approaching and with the IRS seeking additional funds for the Treasury, a taxpayer should know their rights. While all of the rights are important, getting good counsel or representation is critical in your dealings with the Internal Revenue...