The IRS wants to remind all taxpayers that with the New Year fast approaching, there is still time for you to take steps that can lower your 2011 taxes. However, you usually need to take action no later than Dec. 31 in order to claim certain tax benefits.
Here are six tax-saving tips for you to consider before the calendar turns to 2012: (more…)
Taxpayers need to be careful to protect their personal information. Identity thieves use many methods to steal personal information and then they use the information to file a tax return and get a refund. (more…)
If you give someone money or property during your life, you may be subject to the federal gift tax. Most gifts are not subject to the gift tax, but the IRS has put together the following eight tips to help you determine if your gift is taxable. (more…)
After you file your taxes, you will have many records that may help document items on your tax return. You will need these documents should the IRS select your return for examination. Here are four tips from the IRS about keeping good records. (more…)
When you invest in energy-efficient products, you may be saving money on both your energy bills and your tax return. You need to know about these six energy-related tax credits created or expanded by the American Recovery and Reinvestment Act of 2009.
Work From Home? Consider the Home Office Deduction
Whether you are self-employed or an employee, if you use a portion of your home for business, you may be able to take a home office deduction.
The IRS wants taxpayers to be aware of tax scams. These scams are illegal and can lead to problems for taxpayers including significant penalties, interest and possible criminal prosecution. The schemes take several shapes, ranging from promises of large tax refunds to illegal ways of “untaxing” yourself. (more…)
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.
If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 8 facts the IRS wants you to know about Mortgage Debt Forgiveness.
If you have a farming business, there are several tax issues to consider before filing your federal tax return.
1. Crop Insurance Proceeds —You must include in income any crop insurance proceeds you receive as the result of crop damage. You generally include them in the year you receive them.
