Tag: deductions

Gambling With Your Taxes

Gambling, Wins and Losses What happens in Vegas, stays in Vegas.  Unfortunately, the IRS tends to disagree with that sentiment, especially when it comes to your taxes.  Whether you are a consistent gambler or your winnings (or losses) are the

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Taxes and Traveling for Charity

Over the summer months, some people might travel to participate in charity work.  Not only is that a wonderful, selfless contribution to society, but it could also be tax deductible!  For the purposes of this blog we will not be

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Teens And Taxes- What You Need to Know

Summer Jobs and Taxes A summer job is a rite of passage for most teenagers.  It gives a taste of responsibility, builds character, and most importantly- extra spending money.  The lure of making extra money in the summer is quite

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Tax Questions Common During Tax Season

top tax questions during tax season

As 2016 is quickly drawing to a close, we are preparing for another busy tax season. In just a few more weeks, it will be time to begin gathering all of your important papers. Employers will be mailing out the

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Things Every Taxpayer Should Know

things every taxpayer should know

We all know some of the most basic things every taxpayer should know. We [usually] know the date to file by, what our filing status is, and for what fiscal year we are filing. These things typically go without saying,

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Scam Artists Lure Victims Promising Outlandish Refunds!

Inflated Refund Claims Remain on the IRS “Dirty Dozen” List of Tax Scams for the 2015 Filing Season WASHINGTON — The Internal Revenue Service today warned taxpayers to be on the lookout for unscrupulous tax return preparers pushing inflated tax

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The Health Care Law’s Effect on Your Taxes

Nearly everyone is affected by the Affordable Care Act and will need to do something new when filing their taxes this year.  The following chart will help you better understand how the health care law affects you and everyone on your

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Basic Tax Tips about Hobbies

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

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Get Credit for Child and Dependent Care This Summer

Many parents pay for childcare or day camps in the summer while they work. If this applies to you, your costs may qualify for a federal tax credit that can lower your taxes. Here are 10 facts that you should

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Tax Season Warning: $25K Donation Deduction Denied

Tax Season Warning: $25K Donation Deduction Denied David and Veronda Durden contributed $25,171 to their church a few years ago, taking the itemized tax deduction. The IRS challenged their deduction on a technicality, and the Tax Court sided with the

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