Don’t know what you can write off as an employee business expense – read below. If you itemize deductions and are an employee, you may be able to deduct certain work-related expenses. The IRS has put together the following facts to help you determine which expenses may be deducted as an employee business expense.
Continue readingOn March 29, 2011, the IRS issued guidance regarding the W-2 provision of the Affordable Care Act for employers filing fewer than 250 Forms W-2 in the previous tax year. Read below for more information.
Continue readingAs of Jan. 1, 2011, the following new rules are in effect for reimbursements of various health care costs from flexible spending accounts (FSAs) and other health reimbursement arrangements:
Continue readingTen things you may want to know about the child and dependent care credit! Read what the IRS wants you to know! If you paid someone to care for your child, spouse, or dependent last year, you may be able to claim the Child and Dependent Care Credit on your federal income tax return. Below are […]
Continue readingDo you rent property to others? If so, you’ll want to read the following seven tips from the IRS about rental income and expenses. You generally must include in your gross income all amounts you receive as rent. Rental income is any payment you receive for the use of or occupation of property. Expenses of […]
Continue readingHere is an interesting article I found about depreciating your land! Read below. Depreciation is the deduction you take to expense and recover the cost of a business or investment asset. If that asset has a useful life of more than one year, normally the IRS requires you to write off the cost over that […]
Continue readingEver wonder how to make money on a charitable contribution? Read below! Internal Revenue Code Section 280(A)(g) — says you can rent out your house for up to 14 days in a calendar year and all the income comes to you tax-free. Go beyond the 14 days, and everything becomes taxable. One way is to: Rent […]
Continue readingRead what the IRS reports about free tax assistance! Over 12,000 free tax preparation sites will be open nationwide this year as the Internal Revenue Service continues to expand its partnerships with nonprofit and community organizations providing vital tax preparation services for low- to moderate-income and elderly taxpayers. The IRS Volunteer Income Tax Assistance (VITA) […]
Continue readingDo you know what is taxable and non-taxable income? Find out what the IRS considers non-taxable income in time for filing your taxes! Generally, most income you receive is considered taxable but there are situations when certain types of income are partially taxed or not taxed at all.
Continue readingThe Earned Income Tax Credit is a financial boost for people earning $48,362 or less a year. The IRS reported that four of five eligible taxpayers received their EITC last year. Following are what the IRS wants you to learn about Earned Income Credit. The IRS Reports: As your financial, marital or parental situations change […]
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