Tag: taxable

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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Seven Tips to Help You Determine if Your Gift is Taxable

If you gave money or property to someone, you may wonder about the federal gift tax.  Here are seven tax tips about gifts and the gift tax. Nontaxable Gifts.  The general rule is that any gift is a taxable gift. 

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It’s tax season. Do you know where your mail is?

During the holiday season a missed or stolen package can be aggravating, which is doubtless why you eagerly watched for deliveries all December, calling the nanosecond you suspected a problem. Unfortunately, many employers don’t send tracking numbers when the packet

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7 big tax changes in 2015

As 2014 draws to a close, it’s nearly time for the annual deluge of tax forms – including 1098’s reporting mortgage interest or W-2’s from employers reporting your annual wages. But while gathering documents for the past year’s taxes is

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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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Taxable and Nontaxable Income

Most types of income are taxable, but some are not. Income can include money, property or services that you receive. Here are some examples of income that are usually not taxable: Child support payments; Gifts, bequests and inheritances; Welfare benefits;

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How will the Bush tax cuts expiring effect you?

What happens when the Bush tax cuts expire? If congress does not act to extend the Bush Tax Cuts, many of us will be affected by this event. Businesses will be especially hit. The special expensing deduction limit will decrease

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Let’s trade…your service for mine? Something you might not know…

Trading is such an amazing thing. Instead of exchanging money (which sometimes we don’t have right?) we trade services. This way we don’t have to claim the income and everyone wins, right?? WRONG. According to the IRS trading services IS

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