Archive for Taxes

Don’t Miss Out on the Earned Income Tax Credit

Article Highlights: Earned Income Tax Credit (EITC) Qualifications Computing the Credit Limit on Investment Income Military Combat Pay Election EITC Scams Banning EITC Filers The Earned Income Tax Credit (EITC) is a tax benefit for working people who have low to moderate income. It provides a tax credit that is treated like tax withholding: it […]

IRS Announces 2016 Standard Mileage Rates

Article Highlights: 2016 standard mileage rates Business, charitable, medical and moving rates Switching between the actual expense and the standard mileage rate methods Special allowances for SUVs As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2016 optional standard mileage rates used to calculate the deductible costs of operating an […]

Homeowner Energy Tax Credits Get New Life

Article Highlights: Home Energy-Saving Improvements Solar and Other Types of Energy Generation Systems Things to Consider Before Signing Up Recently passed legislation has given new life to two homeowner energy credits that had expired or were about to expire, providing renewed opportunities to homeowners wanting to take advantage of these credits and reduce their energy […]

Are Legal Expenses Tax Deductible?

Article Highlights: Legal Fees Associated With Personal, Living, or Family Issues Legal Fees Associated With Business and the Production of Taxable Income Examples of Legal Fees and Their Deductibility The Tax Benefit of Legal Fee Deductions A frequent question that arises is whether legal expenses are deductible. The answer to that question can be both […]

All You Need to Know about the New Tax Extender Legislation

Congress has reached a bipartisan agreement on tax extenders, aptly named “Protecting Americans from Tax Hikes Act of 2015”. Much to everyone’s surprise, some were made permanent while others were only extended for a period of time. Congress also modified several provisions and added new ones to reduce tax fraud. Here is a look at some […]

Don’t Be a Victim to IRS Phone and E-Mail Scams

Don’t Be a Victim to IRS Phone and E-Mail Scams. Thieves use taxpayers’ natural fear of the IRS and other government entities to ply their scams, including e-mail and phone scams, to steal your money.

Important Reminder For Purchasing Your Health Insurance Through The Government Marketplace

Article Highlights: Determining Household Income The Advanced Premium Tax Credit Marketplace Estimate of Income Modified Adjusted Gross Income Who Is Family For Health Insurance Purposes? When applying for insurance through a state or the federal health insurance marketplace, you will be asked to provide an estimate of your household income for 2016. Your household income […]

Unpaid Debt Can Take Your Refund

Article Highlights: Bureau of the Fiscal Service Allowable Refund Offsets Disputing an Offset Injured Spouse Claim As the 2015 tax season approaches, you may be getting excited about your potential tax refund. However, that excitement may be premature if you have outstanding federal or state debts. The Treasury Department’s Bureau of the Fiscal Service (BFS) […]

Get Credit for Generating Your Own Home Power

Article Highlights Solar Heating System Solar Electric System Fuel Cell Plant Wind Energy Geothermal Heat Pump Through 2016, taxpayers can get a tax credit on their federal tax return equal to 30% of the costs for installing certain power-generating systems on their homes. The credit is non-refundable, which means it can only be used to […]

Gifting Money or Property Can Have Serious Tax Consequences

Article Highlights: Gift and Inheritance Tax Lifetime Exclusion Annual Exclusion Gift and Inheritance Basis Issues Additional Tuition & Medical Exclusion Gift and inheritance taxes were created long ago to prevent an individual’s assets from being passed on to future generations free of tax. Congress has frequently tinkered with these taxes, and currently the gift and […]