JK Harris | September 14, 2009
Audio file for Podcast YouTube Video: English | Spanish | ASL WASHINGTON — In support of the Administration’s efforts to promote access to and the affordability of college education, the Internal Revenue Service today launched a new Web section highlighting various tax breaks and 529 plan changes designed to help parents and students pay for [...]
Category: Tax Tips |
No Comments »
Tags: American Recovery and Reinvestment Act (ARRA), college credit, Tax Benefits for Education, Tax Tip
JK Harris | September 14, 2009
Special Edition Tax Tip 2009-07 Working taxpayers may be eligible for the Making Work Pay tax credit, a significant tax provision of the American Recovery and Reinvestment Act of 2009. This tax credit means more take-home pay for millions of American workers. Here are five things the IRS wants every taxpayer to know about the [...]
Category: Tax Tips |
No Comments »
Tags: Making Work Pay tax credit, Tax Tip
JK Harris | September 1, 2009
WASHINGTON — Time is running out for many small businesses wishing to take advantage of the expanded business loss carryback option included in this year’s recovery law, the Internal Revenue Service said today. Eligible individuals have until Oct. 15 to choose this expanded carryback option. Eligible calendar-year corporations have until Sept. 15. This carryback provision [...]
Category: Tax Tips |
No Comments »
Tags: Fall Filing Deadline, Tax Tip
JK Harris | September 1, 2009
Summertime Tax Tip 2009-21 Every year, millions of taxpayers itemize their deductions on their federal tax return. One of the most common itemized deductions is a donation made to a charitable organization. Here are the top ten things the IRS wants every taxpayer to know before deducting charitable donations. 1. Charitable contributions must be made [...]
Category: Tax Tips |
No Comments »
Tags: Charitable Contributions, Charitable Donations, Tax Tip
JK Harris | August 29, 2009
Summertime Tax Tip 2009-22 Every year, the IRS sends millions of letters and notices to taxpayers. Many taxpayers will receive this correspondence during the late summer and fall. Here are eight things every taxpayer should know about IRS notices – just in case one shows up in your mailbox. Don’t panic. Many of these letters [...]
Category: Tax Tips |
No Comments »
Tags: IRS notice to taxpayer, Tax Tip
JK Harris | August 28, 2009
Summertime Tax Tip 2009-23 Although most people won’t be filing their tax returns for several months, the dog days of summer are actually a great time to start planning for the tax filing season by ensuring your records are organized. Whether you are an individual taxpayer or a business owner, you can avoid headaches at [...]
Category: Tax Tips |
No Comments »
Tags: Tax Tip, taxpayer recordkeeping
JK Harris | August 24, 2009
Summertime Tax Tip 2009-20 If you are a small business owner, whether you hire people as independent contractors or as employees will impact how much taxes you pay and the amount of taxes you withhold from their paychecks. Additionally, it will affect how much additional cost your business must bear, what documents and information they [...]
Category: Tax Tips |
No Comments »
Tags: independent contractor vs employee, Tax Tip
JK Harris | August 20, 2009
Summertime Tax Tip 2009-14 You may know when to hold ‘em and when to fold ‘em but do you know how and when to report ‘em? Whether you are playing cards or the slots, it is important to know the rules about reporting gambling winnings and losses. Here are seven things the IRS wants you [...]
Category: Tax Tips |
No Comments »
Tags: estimated tax, gambling losses, gambling winnings, Tax Tip, tax withholding
JK Harris | August 20, 2009
Summertime Tax Tip 2009-18 Summer is a time many Americans take their fishing poles and gardening tools out of storage. Hobbies – such as woodworking, stamp collecting and scrapbooking – are often done for pleasure, but can result in a profit. If your favorite activity does make a profit every year or so, there may [...]
Category: Tax Tips |
No Comments »
Tags: allowable deductions, not-for-profit hobby, tax implications, Tax Tip
JK Harris | August 17, 2009
Summertime Tax Tip 2009-17 Taxpayers who find themselves the victim of a natural disaster or theft this summer should know the rules for deducting their casualty losses next year when they file their federal tax return. Generally, you may deduct losses to your home, household items and vehicles on your federal income tax return. Here [...]
Category: Tax Tips |
No Comments »
Tags: deductible losses, Tax Tip, taxpayer deductions