Ten Facts about Capital Gains and Losses When you sell a capital asset the sale results in a capital gain or loss. A capital asset includes most property you own for personal use or own as an investment. Here are 10 facts that you should know about capital gains and losses: 1. Capital Assets. Capital [...]
The following post is six tips to know in claiming a home office deduction. If you use your home for business, you may be able to deduct expenses for the business use of your home. If you qualify you can claim the deduction whether you rent or own your home. If you qualify for [...]
File on Time Even if You Can’t Pay Do you owe more tax than you can afford to pay when you file? If so, don’t fail to take action. Make sure to file on time. That way you won’t have a penalty for filing late. Here is what to do if you can’t pay [...]
Still Time to Make Your IRA Contribution for the 2014 Tax Year Did you contribute to an Individual Retirement Arrangement last year? Are you thinking about contributing to your IRA now? If so, you may have questions about IRAs and your taxes. Here are some IRS tax tips about saving for retirement using an [...]
Cut Taxes and Save on Energy Bills with Home Energy Credits You can reduce your taxes and save on your energy bills with certain home improvements. Here are some key facts that you should know about home energy tax credits: Residential Energy Efficient Property Credit This tax credit is 30 percent of the cost [...]
Stay Vigilant Against Bogus IRS Phone Calls and Emails Tax scams take many different forms. Recently, the most common scams are phone calls and emails from thieves who pretend to be from the IRS. They use the IRS name, logo or a fake website to try to steal your money. They may try to [...]
Claiming a Tax Deduction for Medical and Dental Expenses Your medical expenses may save you money at tax time, but a few key rules apply. Here are some tax tips to help you determine if you can claim a tax deduction: You must itemize. You can only claim your medical expenses that you paid [...]
Obtaining and Claiming a Health Coverage Exemption The Affordable Care Act requires you and each member of your family to have minimum essential coverage, qualify for an insurance coverage exemption, or make an individual shared responsibility payment when you file your federal income tax return. If you meet certain criteria, you may be exempt [...]
How to Get a Copy of Your Prior Year Tax Information There are many reasons you may need a copy of your tax return information from a prior year. You may need it when applying for a student loan, home mortgage or for a VISA. If you don’t have your copy, the IRS can [...]
Tax Savers for Parents Children may help reduce the amount of taxes owed for the year. If you’re a parent, here are several tax benefits you should look for when you file your federal tax return: Dependents. In most cases, you can claim your child as a dependent. You can deduct $3,950 for each [...]
