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As we get closer to the end of the year, charitable organizations and nonprofits start gearing up for year end fundraising, since many people wait until the end of the year to make their tax deductible donations. The holiday season tends to bring out more charitable attitudes of the general public. However, North Texas has a unique event each September that allows taxpayers to make their...

People often change their job in the summer. If you look for a job in the same line of work, you may be able to deduct some of your job search expenses. Here are some key tax facts you should know about if you search for a new job: Same Occupation. Your expenses must be for a job search in your current line of work. You can’t deduct expenses for a job search in a new occupation. Résumé Costs. You...

One of the first questions asked when preparing a tax return is how to file: married filing jointly, or married filing separately? The way the tax code is written, married filing jointly usually results in a lower tax bill than if filed married filing separate. For this reason, the IRS generally advises spouses to file jointly. While a vast majority of couples file jointly, there may be instances...

Income tax may be the last thing on your mind before, during, or after a divorce or separation. However, these events can have a big impact on your taxes. Alimony and changing your name are just a few items you may need to consider. Filing taxes after divorcing or separating can be confusing. Here are some key tax tips to keep in mind if you get divorced or separated: Child Support. If you pay...

Each year the IRS mails millions of notices and letters to taxpayers. If you receive a notice from the IRS, here is what you should do: Don’t Ignore It. You can respond to most IRS notices quickly and easily. It is important that you reply right away. Focus on the Issue. IRS notices usually deal with a specific issue about your tax return or tax account. Understanding the reason for your notice...

Learning you are a victim of identity theft can be a stressful event. Identity theft is also a challenge to businesses, organizations and government agencies, including the IRS. Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. Many times, you may not be aware that someone has stolen your identity. It may...

Each year, many people get a larger refund than they expected. Some find they owe a lot more tax than they thought they would. If this happened to you, review your situation to prevent another tax surprise. Did you marry? Have a child? Have a change in income? Some life events can have a major effect on your taxes. You can bring the tax you pay closer to the amount you owe. Here are some key IRS...

Sunday, July 26th was the 25th anniversary of the Americans With Disabilities Act (ADA), and the Internal Revenue Service is marking the occasion by highlighting a number of tax benefits and services that can help taxpayers with disabilities. ABLE Accounts This new program was passed by Congress in December. Under the law, states can offer specially designed, tax-favored ABLE accounts to people...

Millions of people enjoy hobbies. They can also be a source of income. Some of these types of hobbies include stamp or coin collecting, craft making and horse breeding. You must report any income you get from a hobby on your tax return. How you report the hobby income is different than how you report income from a business. There are special rules and limits for deductions you can claim for a...

While many people get a refund from the IRS when they file their taxes, some do not. If you owe federal taxes, the IRS has several ways for you to pay. Here are some quick tips for people who owe taxes: Pay your tax bill. If you get a bill from the IRS, you’ll save money by paying it as soon as you can. If you can’t pay it in full, you should pay as much as you can. Doing so will reduce the...