JK Harris | January 28, 2009
From the IRS newsroom: WASHINGTON – The Internal Revenue Service is offering a daily series of Tax Tips for the 2009 federal tax filing season that began this month. Tax Tips offer concise, useful information on topics affecting millions of taxpayers. More than 70 tips on federal taxes will be available with a new one [...]
JK Harris | January 27, 2009
OK, you know who you are. You are the taxpayer who waits until the very last minute to file your tax return. Well, if this in fact you, here are some tips to make the process go a little smoother. File your tax return electronically. This will be much quicker than using the paper forms [...]
JK Harris | January 26, 2009
If you are going to owe the IRS this year, you may want to consider using the Electronic Federal Tax Payment System (EFTPS) to make that payment when you file your return. And best of all it’s a free service offered by the IRS. Whether you are filing an individual or business return, you can [...]
JK Harris | January 22, 2009
Whether the IRS can tax gifts depends on whether you are giving or receiving the gift. If you give any one person a gift or gifts that are valued at more than $12,000, you are required to report this to the IRS, and you may have to pay taxes on it. However, if you have [...]
JK Harris | January 20, 2009
If you are divorced and are paying or receiving alimony, there are some basic tips you should follow when filing your 2007 federal income tax return. If you receive alimony payments from your ex-spouse, that money is taxable to you in the year you receive the payments. And since no taxes are withheld from alimony [...]
JK Harris | January 15, 2009
In general, most income you receive is going to be taxable. However, there are some situations where it is only partially taxable and some that are not taxable at all. Some income that is not taxable includes: child support payments, gifts, bequests and inheritances; workers’ compensation benefits; welfare benefits; and cash rebates from a dealer [...]
JK Harris | January 12, 2009
According the IRS, if your favorite activity makes a profit every year or so, there might be tax issues that you are not aware of. The IRS defines a hobby as a not-for-profit activity; something that is recreational and is not pursued for profit. Your activity could be considered a business if it is carried [...]
JK Harris | January 8, 2009
There are currently two education tax credits available to help offset the costs of higher education. If you are attending school for your undergraduate, graduate or professional degree, the Hope Credit and Lifetime Learning Credit may benefit you. Because they are credits and not deductions, you may be able to subtract them in full from [...]
JK Harris | January 5, 2009
The purpose of this blog is to provide education and information on tax preparation, tax alerts and various tax issues. We are presenting information on tax problems and other debts that may be causing you problems. We are the largest tax representation firm in the business of helping people with IRS problems. We have numerous [...]