All Things Taxes

Tax tips and tax alerts from JK Harris

Back-to-School Tax Breaks:
Popular 529 Plans Expanded
New $2,500 College Credit Available

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 [...]

Five Facts about the Making Work Pay Tax Credit

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 [...]

For Many Small Businesses, Fall Filing Deadline Looms for Special Refund Claims

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 [...]

Ten Tips for Taxpayers Making Charitable Donations

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 [...]

Eight Things to Know If You Receive an IRS Notice

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 [...]

Keeping Good Records Reduces Stress at Tax Time

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 [...]

Employee vs. Independent Contractor—
Ten Tips for Business Owners

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 [...]

The Lucky Seven—
Gambling Winnings and Losses Tax Tips

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 [...]

Eight Important Questions for Hobbyists

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 [...]

Top Ten Tips for Taxpayers Deducting Casualty and Theft Losses

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 [...]