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Fall has officially begun, and as October begins, so does the holiday season. Now is the time many begin thinking about gifts for loved ones during the next few months. If you give large gifts, you may be obligated to report it to the IRS. For 2014, everyone has an annual exclusion amount of $14,000 (or $28,000 for married filers). That means that if you want to give someone a gift larger than...

The 2013 tax extension deadline is less than a month away on Wednesday, October 15th. If you missed the first April 15th tax deadline and had to file an extension, you may be still procrastinating and will be rushing to make the final October 15th tax deadline. There’s no need to worry if you start preparing now. Follow these simple tips and you will be on your way to beat the tax deadline and...

Grandparents Day was this past Sunday, September 7th. In honor of National Grandparents Day, we’re sharing a piece from Accounting Today with tax advice for grandparents, written by Michael Cohn, below: Fred Slater, CPA and Ellen Minkow, CPA, a pair of tax and financial advisors at MS 1040 LLC in New York City, have two children each and no grandchildren yet (though they reportedly are still...

So you’ve waded out into the waters of self-employment. You’re staring down uncertainty and taking a chance on yourself. Congratulations! Self-employment won’t always be easy, but your hard work and perseverance will pay off. Besides, if it were easy, everyone would do it, right? In an attempt to lighten your load and ease your burden, whether you are just trying to make the October 15 tax...

Don’t worry if you made a mistake on your tax return or forgot to claim a tax credit or deduction. Or maybe a financial institution sent out corrected 1099 statements for your investments. You can fix it by filing an amended return. Here are 10 tips that you should know about amending your federal tax return: 1. When to amend. You should amend your tax return if you need to correct your filing...

Are you, your spouse or a dependent heading off to college? If so, here’s a quick tip from the IRS: some of the costs you pay for higher education can save you money at tax time. Here are several important facts you should know about education tax credits: American Opportunity Tax Credit. The AOTC can be up to $2,500 annually for an eligible student. This credit applies for the first four years...

Earlier this week we talked about deducting expenses related to your hobby. In addition to business and/or hobby expenses, you may be able to deduct certain miscellaneous costs you pay during the year. Examples include employee expenses and fees you pay for tax advice. If you itemize, these deductions could lower your tax bill. Here are some things the IRS wants you to know about miscellaneous...

Millions of people enjoy hobbies that are also a source of income. Some examples include stamp and coin collecting, craft making, and horsemanship. You must report on your tax return the income you earn from a hobby. The rules for how you report the income and expenses depend on whether the activity is a hobby or a business. There are special rules and limits for deductions you can claim for a...

It’s a common practice during the summer: After a spring cleaning, many people try to sell the household items they no longer need or want in a “garage sale” (known as a “lawn sale, “tag sale” or some other name in parts of the country). But what to do with those items that are left over at the end of the day? Instead of simply discarding them, you may be able to donate them to charity and take a...

Earlier this year, the Texas state legislature voted to create a sales tax holiday that will coincide with the back-to-school time frame. The state has had a back-to-school sales tax holiday, commonly called “Tax Free Weekend”, each year since 1999. The Texas State Comptroller announced earlier this month that the sales tax holiday will last from August 8 to August 10, 2014. Sales of qualifying...