Disappearing “Service” at the IRS Don't expect much in the way of service from the IRS this filing season. Budget cuts have forced the agency to pare back on services that filers have relied upon in the past. Folks who call the IRS don't have a great chance of speaking to a person, even [...]
Taxpayers who experience certain types of major personal casualties may be able to recoup some of their losses through tax savings. An itemized deduction may be available for personal losses from fires, storms, car accidents, and similar “sudden, unexpected, or unusual” events. Losses from theft are included as well. Individuals who don't itemize deductions [...]
Tax aspects of self-employment When considering the decision to go into business for yourself (as a sole proprietor), there are several important rules and tax aspects to consider: (1) For income tax purposes, you will report your income and expenses on Schedule C of your Form 1040. The net income will be taxable to you [...]
Home office expense deduction for self-employed taxpayer If you're self-employed and work out of an office in your home, and if you satisfy the strict rules that govern those deductions (discussed below), you will be entitled to favorable “home office” deductions—that is, above-the-line business expense deductions for the following: the “direct expenses” of the [...]
Selling your home and moving into a smaller one or a condo is seldom an easy decision, but at least part of the decision-making process is a little easier in light of an exclusion that eliminates most people's federal tax liability on gain from the sale or exchange of their homes. Under these rules, [...]
General rules. For a contribution of cash, check, or other monetary gift, regardless of amount, you must maintain a bank record or a written communication from the donee organization showing its name, plus the date and amount of the contribution. Any other type of written record, such as a log of charitable donations, is insufficient. [...]
The Internal Revenue Service issued the 2014 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, 2014, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56 cents per mile for business miles driven 23.5 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations
As a business owner, you should be aware that you can save family income and payroll taxes by putting junior family members on the payroll.
Beginning October 1st, employers are required to provide written notices to all employees - regardless of benefit enrollment status or full / part-time status - about health coverage options. This includes notifications about federal and state health insurance marketplaces. These government-run marketplaces will be open this fall. Employers can send the notices by mail [...]
Beginning on Jan. 1, 2013, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56.5 cents per mile for business miles driven. 24 cents per mile driven for medical or moving purposes. 14 cents per mile driven in service of charitable organizations.
