Now that it is June, did you know that your summer day care expenses may qualify for an income tax credit? Many parents who work or are looking for work must arrange for care of their children under 13 years of age during the school vacation. Those expenses may help you get a credit on …
Did you know that Business MEALS can be 0% or 50% or 100% tax deductible? First, MEALS can be deducted as a business expense only if they are directly related to the business. There must be valid business purpose to the meal for it to be a deductible expense. Also, if a meal is considered …
In 2011, the IRS is receiving additional information about your Business that they did not receive before. First, all third party payers are required to report to the IRS how much money they paid to your business. A third party is for example a debit or credit firm such as PayPal. This allows the IRS …
Your kids can be helpful at tax time. That doesn’t mean they’ll sort your tax receipts or refill your coffee, but those charming children may help you qualify for some valuable tax benefits. Here are 10 things the IRS wants parents to consider when filing their taxes this year. Dependents – In most cases, a …
If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 facts the IRS wants you to know about Mortgage Debt Forgiveness. Normally, debt forgiveness results in taxable income. However, under …
When you prepare to file your tax return, there are two things that will factor into your tax situation: dependents and exemptions. Here are five important facts the IRS wants you to know about dependents and exemptions before you file your 2009 tax return. If someone else claims you as a dependent, you may still …
With technology making it easier than ever for people to operate a business out of their house, many taxpayers may be able to take a home office deduction when filing their federal tax return. Here are five important things the IRS wants you to know about claiming the home office deduction. Generally, in order to …
Introduction The IRS is providing information about abusive Home-Based Business schemes to help taxpayers avoid the pitfalls of these schemes: These schemes are abusive because they manipulate and misinterpret tax laws. The public should not be fooled by home-based business schemes that claim taxpayers can deduct most, or all, of their personal expenses as business …
Every year, millions of taxpayers itemize their deductions on their federal tax return. One of the most common itemized deductions is a donation made to a charitable organization. Here are the top ten things the IRS wants every taxpayer to know before deducting charitable donations. Charitable contributions must be made to qualified organizations to be …
Are you Really an Independent Contractor? Independent contractors who don’t know about — or who ignore — the relevant aspects of current contractor tax law are endangering their own livelihood and pose a significant threat to companies. The IRS is currently funding California’s Employment Development Department (EDD) to conduct twice as many independent contractor-related corporate …