Category Archives: General Filing
You can use the following guide to understand what each box of your W-2 reports. Box 1- reports all wages, tips, bonuses, prizes, and compensatory benefits. Not included in this income are elective deferrals for retirement funds, payroll deductions, or benefits before tax. Box 2 – indicates the amount of money withheld from your pay […]
— Read moreTaxpayers who seek a loan for the purchase of a home are likely aware of the tax savings that come with points deductibility. However, refinancing may afford you the same tax breaks. Typically, refinancing requires the homeowner to subtract loan points over the loan’s term. If any portion of the money received from refinancing is […]
— Read moreMarried couples who file a joint tax return may be subject to a penalty if their combined tax liability is greater than what they would pay if they filed single. This “penalty” usually comes into play when both spouses contribute a large portion of the couple’s combined income. Thanks to some legislation, the penalty has […]
— Read moreSeveral federal tax provisions have expired as of November 2013, and Congress has yet to respond to the issue. While the public waits for Congress to approve extender legislation, which probably won’t happen until late December at the earliest, there are a few changes that will significantly impact taxpayers filing for 2014. Industry specialists suggest […]
— Read moreBefore you file your 2014 federal taxes, you should be aware of how the Affordable Care Act will impact your return. Depending on if you have health care coverage and where you received it from, you may notice a larger impact this tax season. Many taxpayers have healthcare coverage through their employers, government provided plans […]
— Read moreAnyone who is self-employed has likely received a Form 1099-MISC at some point in their career. Even if you are self-employed for a part of the year, you will receive a 1099-MISC from each client who paid you in excess of $600 during the year. Basically, this form is similar to a W-2, except it […]
— Read moreThere’s a chance you’ll need to report the information listed on a Form 1099-G should you receive one from a government agency. Typically, 1099-G is used to report compensation from unemployment benefits, along with tax refunds issued by the state or local government. Unemployment Benefits If you receive compensation from unemployment, you are required to […]
— Read moreYou can expect to receive a Form 1099-DIV if you’ve been paid dividends on stocks, or had capital gains distributions on mutual fund investments during the tax year. The different boxes on the Form 1099-DIV are: Box 1a: reports the full amount of ordinary dividends paid Box 1b: reports the amount of the sum listed […]
— Read moreIf you’ve sold any stocks, bonds, mutual funds, or securities during the tax year, it will be reported on a Form 1099-B which you will receive from your broker or financial institution. It can be a separate form, or may be combined into a statement listing other relevant tax information, such as interest and dividends. […]
— Read moreThe IRS Form 1098-T: Tuition Statement is sent to students who pay tuition at a qualifying college or similar higher education institutions. Any college, university, or vocational school that participates in the Department of Education programs for student aid are qualified institutions. The Form 1098-T lists expenses related to education, and can help determine the […]
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