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Five Tax Tips about Hobbies that Earn Income

  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 income is different than how you report […]

Keep Track of Miscellaneous Deductions

Miscellaneous deductions can cut taxes. These may include certain expenses you paid for in your work if you are an employee. You must itemize deductions when you file to claim these costs. So if you usually claim the standard deduction, think about itemizing instead. You might pay less tax if you itemize.  Here are some […]

Reminder: Stop Reimbursing for Health Insurance by June 30

It’s common practice for small employers to reimburse or pay health insurance premiums for individual policies. If they continue to do so, they may be subject to an excise tax of $100 per day, per employee. Notice 2015-17 provides transitional relief from the $100 per day per employee excise tax for small employers. The IRS will […]

IRS Announces Unauthorized Access of Taxpayer Transcripts

The IRS announced that criminals used taxpayer-specific data acquired from non-IRS sources to gain unauthorized access to information on approximately 100,000 tax accounts through IRS’ “Get Transcript” application. This data included Social Security information, date of birth and street address. The Get Transcript system is temporarily shut down. The IRS has released the statement below on […]

Top 10 Tax Facts about Exemptions and Dependents

IRS Tax Tip 2015-05, January 26, 2015 Nearly everyone can claim an exemption on their tax return. It usually lowers your taxable income. In most cases, that reduces the amount of tax you owe for the year. Here are the top 10 tax facts about exemptions to help you file your tax return. E-file your […]

Six Tips on Who Should File a 2014 Tax Return

IRS Tax Tip 2015-03, January 22, 2015 Most people file their tax return because they have to, but even if you don’t, there are times when you should. You may be eligible for a tax refund and not know it. This year, there are a few new rules for some who must file. Here are […]

Six Common Myths Regarding Income Tax

By:  Isaac M O’Bannon, Managing Editor CPA Practice Advisor While millions of American taxpayers wait for their W-2, 1099 and other important tax documents to arrive in the mail, their thoughts turn to the often-dreaded prospect of filing their 2014 tax returns. With all the annual changes to the tax rules and its complexity, it’s […]

Expired Tax Breaks Renewed

At long last, Congress granted a reprieve for most of the expired tax provisions that had remained in limbo this year, but the late-breaking tax relief is only temporary. The new legislation – the Tax Increase Prevention Act of 2014 – restores these tax breaks retroactive to January 1, 2014. However the provisions expire again […]

IRS Urges Taxpayers to Choose a Tax Preparer Wisely

More than half of taxpayers hire a professional when it’s time to file a tax return. Even if you don’t prepare your own Form 1040, you’re still legally responsible for what is on it. A tax return preparer is trusted with your most personal information. They know about your marriage, your income, your children and […]

EA vs. CPA: Which is Right for You?

By Kayleigh Kulp Published March 26, 2012 FOXBusiness When trying to find a professional tax preparer, consumers face an alphabet soup of choices. Most people turn to the two well-known groups of licensed tax professionals: certified public accountants (CPA) and enrolled agents (EA). No matter the acronym after their name, the first step in your […]