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 [...]
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 [...]
The Internal Revenue Service issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 57.5 cents per [...]
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. [...]
If you are an employer, the number of employees in your business will affect what you need to know about the Affordable Care Act (ACA). Employers with 50 or more full-time and full-time-equivalent employees are generally considered to be “applicable large employers” (ALEs) under the employer shared responsibility provisions of the ACA. Applicable large [...]
