Tax Tips about Home Mortgage Debt Cancellation If your lender cancels part or all of your debt, you normally must pay tax on that amount. However, the law provides for an exclusion that may apply to homeowners who had their mortgage debt cancelled in 2014. In most cases where the exclusion applies, the amount [...]
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 [...]
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 [...]
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 [...]
There is a new publication that will help you learn about how the Affordable Care Act affects your taxes. IRS Publication 5187, Health Care Law: What’s New for Individuals and Families is now available on IRS.gov/aca. While the health care law has several parts, this publication breaks down what’s new for the 2014 federal [...]
The open enrollment period to purchase health insurance coverage for 2015 through the Health Insurance Marketplace runs from Nov.15, 2014, through Feb. 15, 2015. The Marketplace is where you can find health insurance coverage options and enroll in the coverage that fits your budget and meets your needs. Visit your Marketplace to find information [...]
So you overpaid your federal income taxes, life got busy, and you forgot to file a return to claim your refund. You'll get around to it — but will you get around to it in time to get your money back? The time limit for claiming your refund is called the statute of limitations. [...]
Does your employer provide you with group term life insurance? If so, and if your salary is higher than $50,000, this employee “benefit” may be creating undesirable income tax consequences for you. Here's why. The first $50,000 of group term life insurance coverage that your employer provides is excluded from taxable income and doesn't [...]
