Facts about the Child Tax Credit The Child Tax Credit is an important tax credit that may save you up to $1,000 for each eligible qualifying child. Be sure you qualify before you claim it. Here are five useful facts from the IRS on the Child Tax Credit: Qualifications. For the Child Tax Credit, [...]
Do I Need To File a Tax Return? Most people file a tax return because they have to, but even if you don’t, there are times when you should. You may be eligible for a tax refund and not know it. Here are six tips to help you find out if you should file [...]
What is Reasonable Compensation for a shareholder-employee of an S Corporation? The IRS requires that S corporations “pay reasonable compensation to a shareholder-employee in return for services that the employee provides to the corporation before non-wage distributions may be made to the shareholder-employee.” Fox Peterson can help you determine what your compensation should be [...]
October Due Dates October is traditionally chock-full of scary activities such as horror-fests of books and movies, Halloween — and various tax due dates. Though it's still September, those due dates are creeping up faster than you think. Fortunately, acting now can save the day. Here's what you need to know. Individual income tax [...]
Sale of Principal Residence In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to keep in mind if you sell your home this year. Exclusion of Gain. You may be able to exclude part [...]
Tax Return Due Dates The Senate and the House passed a short-term highway funding extension that contains several important tax provisions. The bill modifies tax return due dates for several common tax returns starting for tax year 2016 (filed in 2017). Partnership tax returns are due March 15, NOT April 15 as in the [...]
Vacation Home Rentals If you rent a home to others, you usually must report the rental income on your tax return. However, you may not have to report the rent you get if the rental period is short and you also use the property as your home. In most cases, you can deduct your [...]
Additional Medicare Tax Some taxpayers may be liable for an Additional Medicare Tax if your income exceeds certain limits. Here are six things that you should know about this tax: Tax Rate. The Additional Medicare Tax rate is 0.9 percent. Income Subject to Tax. The tax applies to the amount of certain income that [...]
Adoption Tax Benefits If you adopted or tried to adopt a child in 2014, you may qualify for a tax credit. If your employer helped pay for the costs of an adoption, you may be able to exclude some of your income from tax. Here are some things you should know about adoption tax [...]
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 [...]
