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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....

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...

In order to help people settle their tax debt for less than what they owe, the Internal Revenue Service sometimes allows what is known as an Offer in Compromise. Submitting an Offer in Compromise can be a complicated matter, and here are some tips you can use to hire the right professional to represent you. Your representative should be admitted to practice before the IRS. This doesn’t...

When you get a new job, your employer is required to have you complete paperwork for payroll. One such form is the W-4, which determines your federal tax withholding. What many people may not realize is this W-4 form means the difference between a refund or owing the IRS money when you file your tax return. Getting a Refund Most people enjoy getting a nice big refund each spring from the IRS....

If you start a business, one key to success is to know about your federal tax obligations. You will need to know not only about income taxes but also about payroll taxes and applicable state and local taxes. Here are five basic tax tips that can help get your business off to a good start. Business Structure. As you start out, you’ll need to choose the structure of your business. Some common types...

Massive flooding of Texas and Oklahoma has caused widespread damage to businesses and homes. If you suffer damage to your home or personal property, you may be able to deduct casualty losses you incur on your federal income tax return. Here are 10 tips you should know about deducting losses: 1. Casualty loss. You may be able to deduct losses based on the damage done to your property during a...

Did you know May is National Military Appreciation Month? The IRS wants military members and their families to know about the many tax benefits available to them. Tax benefits for service members include: Partly or fully tax-free combat pay. You can exclude certain pay from your income if you are a member of the U.S. Armed Forces who serves: in a combat zone as designated by the President in an...

This year has seen its share of natural disasters. From tornadoes to earthquakes to flash floods, it seems few regions are immune this spring. Adding to the anxiety is peak tornado season, and locally, possible evacuations for Denton county residents due to flooding. The volatile weather patterns have caused many to access their disaster preparedness plans. Though it might not be the first...

The tax deadline has come and gone – time to breathe a sigh of relief. But before you throw all of your tax documents up in the air to celebrate the occasion, we need to discuss just how long you should keep that info in a safe and secure place. That’s right, you should store your tax information and documentation, including a copy of your tax return, for safe keeping – just in case you need to...

What is tax-related identity theft? Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. Generally, an identity thief will use your SSN to file a false return early in the year. You may be unaware you are a victim until you try to file your taxes and learn one already has been filed using your SSN. If you do find...