As the end of the year approaches, the IRS encourages taxpayers to consider a tax withholding checkup. When taxpayers take a close look to make sure the right amount of tax is withheld now, they can avoid an unexpected tax bill next year. Here are five examples of taxpayers who would benefit from a withholding […]
The IRS mails millions of letters to taxpayers every year for many reasons. Here are seven simple suggestions on how individuals can handle a letter or notice from the IRS: Don’t panic. Simply responding will take care of most IRS letters and notices. Read the entire letter carefully. Most letters deal with a specific issue […]
With the holidays around the corner, many people will be making donations to benefit charitable organizations. However, come tax time, the person who made the donation might also benefit. That’s because taxpayers who donate to a charity may be able to claim a deduction for the donation on their federal tax return. Here are five […]
The beginning of the school year is a good time for a reminder of the tax benefits for education. These benefits can help offset qualifying education costs. Here is information about two tax credits available to those who pay higher education costs for themselves, a spouse or a dependent. The American Opportunity Tax […]
Renting an apartment, condo or house; leasing a piece of equipment; renting business property; and leasing a car all involve the common practice of renting something that is owned by someone else. To make sure you always have a good experience, here are some hints to becoming a smarter renter. Read all agreements. Read the […]
Working in the service industry often means part of your income comes in the form of tips. Keeping records of your tips is a necessary part of reporting this income for tax purposes, but do you have a good system in place to do this? If you are like millions of taxpayers who work in […]
Taxpayers who are looking for a new job that is in the same line of work may be able to deduct some job-hunting expenses on their federal income tax return, even if they don’t get a new job. Here are some important facts to know about deducting costs related to job searches: Same Occupation. Expenses […]
The cost of one trip to the auto mechanic can do severe damage to your monthly budget. Follow these five auto maintenance tips to help save money over time. Insurance, fuel, loan interest, maintenance, repairs, depreciation – all the expenses associated with owning and driving an automobile can take a huge bite out of your […]
If you’re thinking of selling your company, a proper appraisal is a necessary starting point to ensure your business is priced properly and you will be able to attract potential buyers. Well before you’re ready to sell your company, you’ll want to determine its fair market value as a starting point for negotiations. Of course, […]
After years of putting money in your 529 college savings plan, you’re ready to start taking withdrawals to pay tuition bills. Do you know the rules for keeping the withdrawals tax-free? Here’s an overview of three types of 529 plan distributions. Qualified withdrawals. When you take money from the account to pay for college education expenses […]
