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.
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.
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 penalties and interest being assessed. Here are a few tips to achieving an accurate tax return.
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 qualities to look for in your tax preparer.
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.
The government is here to help with the cost of your college education. Several credits are offered for attending higher learning institutions. Don't let this money slip away.
If you receive a notice from the Internal Revenue Service, you must answer the notice within a specific time. Failure to respond could result in an assessment and more expensive to unwind.
Just because you own a vacation home does not mean you automatically get to write off everything related to the ownership of the vacation home. Here are a few tips.
Many taxpayers will have gambling winnings. Be advised that these winnings cannot be ignored and there are specific ways to report the winnings and the dreaded losses. Winnings that are not reported may come back as a surprise when the IRS issues a matching report.
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.