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… Read More
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… Read More
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… Read More
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… Read More
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… Read More
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… Read More
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… Read More
Tax Season 2014 has come and gone and now it’s time to think about tax planning for tax year 2014. Items which could impact your 2014 taxes include certain life events and expired tax provisions. Certain Life Events Have you recently had a birth, adoption or death in your family? Have you gotten married, divorced,… Read More
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… Read More
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,… Read More