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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...

Do you know that if you sell your home and make a profit, the gain may not be taxable? That’s just one key tax rule that you should know. Here are ten facts to keep in mind if you sell your home this year. 1. If you have a capital gain on the sale of your home, you may be able to exclude your gain from tax. This rule may apply if you owned and used it as your main home for at least two out of the...

Fast Track Settlement offers Small Business/Self-Employed taxpayers an opportunity to resolve tax disputes at the earliest possible stage in the examination process. Once your application is accepted, the goal is resolution within 60 days. With FTS, a trained mediator from the IRS Office of Appeals is assigned to help you and the IRS reach an agreement on the disputed issue(s). You retain full...

Going on a fun trip this summer where you’re planning to do some gambling? Whether you like to play the ponies, roll the dice or pull the slots, your gambling winnings are taxable. You must report all your gambling income 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 winnings...