Monthly Archives: May 2015
We do what it takes for the job, right? Even if it means changing locations. If you’ve recently moved as a result of a change in your job or business location, you may qualify to deduct a reasonable amount of moving expense. You cannot deduct meal expenses, but other moving costs may be deducted if […]
— Read moreBad debt accrues when someone owes you money and you don’t have a way to collect it. In order to deduct bad debt at tax time, you have to have previously included the debt amount in your income. Taxpayers are not able to deduct expected amounts that they never received, such as rent or payment […]
— Read moreIf you are divorced or separated, you should know how your alimony payments factor in at tax time. Any payments made in accordance with a divorce or separate maintenance decree, or written separation agreement from both parties is considered alimony at tax time provided the following are met: You do not file a joint return […]
— Read moreThere are many different types of retirement savings available. An individual retirement arrangement, also known as an IRA, is one type of personal savings which can be favorable at tax time. There are a few different kinds of IRA savings, including traditional and Roth IRAs. Typically, IRAs are arranged with a bank, insurance provider, or […]
— Read moreDebt includes any incurred, whether personally liable or only to the limits of the property that secures the debt. Debts secured by property that are canceled, either in whole or in part, are typically the result of foreclosure, repossession, property abandonment, loan modification or voluntary surrender of the property. You will receive a Form 1099-C, […]
— Read moreThe Employee Retirement Income Security Act (ERISA) of 1974 requires compensation plans to follow certain requirements in order to be considered “qualified”. A 401(k) plan typically meets all of these requirements, and is considered a qualifying deferment compensation plan under the standards of the ERISA. A 401(k) is one in which your employer adds a […]
— Read moreThere’s a chance you may not have to file a tax return if your Social Security or equivalent railroad retirement benefits are the only source of income you’ve received throughout the tax year. If you have received additional forms of income, the aforementioned benefits are typically tax-free providing your modified adjusted gross income (MAGI) is […]
— Read moreIt can be a great feeling to get a scholarship or grant to help fund your education. A scholarship is typically an amount paid to a student for a specific institution for study. A fellowship grant is similar, except that the money paid can be used for the purpose of study or research. There are […]
— Read moreThose who like to gamble should be aware of how casual gaming can affect your taxes. Any money you win through gambling is fully taxable and must be reported to the IRS at tax time. There are several types of gambling winnings: lotteries, raffles, horse races, and casinos. Along with straight cash winnings, gambling income […]
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