Blog

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...

Do you own a vacation home or second home? If you rent a home to others, you usually must report the rental income on your tax return. But you may not have to report the income if the rental period is short and you also use the property as your home. In most cases, you can deduct the costs of renting your property. However, your deduction may be limited if you also use the property as your home....

Day camps are common during the summer months. Many parents pay for them for their children while they work or look for work. If this applies to you, your costs may qualify for a federal tax credit that can lower your taxes. Here are the top things to know about the Child and Dependent Care Credit: Care for Qualifying Persons. Your expenses must be for the care of one or more qualifying persons....

Going on a fun trip this summer where you’re planning to do some gambling? Whether you like to play slots, blackjack, or bet on races, your gambling winnings are taxable. The IRS requires that all gambling income is reported on your tax return. If you’re a casual gambler, odds are good that these basic tax tips can help you at tax time next year: 1. Gambling income. Gambling income includes...