Monthly Archives: March 2016
You are allowed to deduct state taxes on your Federal income tax return. Additionally, many states allow you to deduct any taxes you paid to other states. So it only seems logical that you should be able to deduct Federal income tax when filing your state return. However, only six of the 41 states with […]
— Read moreSo you finally purchased your home, and are excited to have something to call your own. In addition to wonderful new living space, you also get some pretty great tax breaks as well. In some cases, certain tax incentives can even be applicable to your second home. And if you’ve been in your home for […]
— Read moreAt tax time, determining your resident status might be confusing. Aside from being a four year resident of the state in which you live, there are two other statuses that you may fall under: Part-Year resident and nonresident. A part-year resident has only spent a portion of the tax year within the state, while a […]
— Read moreSo you finally sold your home, and now it’s time to rejoice in having a large burden removed from your shoulders. It’s even better when you’ve made a profit from the sale. Capital Gain When you sell your house for more than what you originally paid, the end result is a capital gain. In most […]
— Read moreThere are seven states within the United States which employ a flat rate income tax. All taxpayers receive the same rate independent of the total amount of their earned income. Support of this type of tax system is fairly split between those who agree and those who oppose. Some suggest it is a fair system […]
— Read moreIf you pay taxes to another state for income earned within that state, but it is not the state in which you reside, you will be filing a nonresident tax return. Usually you have to file these returns in addition to returns four income earned in your home state. Here’s what you need to know […]
— Read moreIf you earn income in a state that you don’t live in, or if you receive any of type of income in another state, when tax times rolls around, you’ll likely have to file a nonresident tax return. The process doesn’t have to be complicated. To start out, you have to determine the exact amount […]
— Read moreAs a service professional, sometimes there can be nothing more rewarding than a generous tip from a customer. While those tips may feel great in the moment, come tax time, you can’t forget to include them in your income. The IRS offers these tips for taxing your hard earned tips: They’re taxed. Tips are considered […]
— Read moreThe wedding bells have rung, the rings exchanged, and now its tax season. So what exactly does that mean for you, a recently married taxpayer? First, you need to know how to file your return. You can use either married filing separately or married filing jointly, the latter which generally provides the lowest tax rate. […]
— Read moreAny amount of savings at tax time is beneficial for the self-employed, and new tax breaks make it even easier to accrue said savings. Legislation was enacted to allow workers to deduct costs related to paying their own health insurance before payroll taxes are calculated. As a self-employed taxpayer, this legislation can reap great benefits […]
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