Tax Tips

18
Mar

Pensions and Annuities: What’s Taxed?

  Depending on the types of retirement benefits you receive, they could be taxable. Here are some basics:   Fully Taxable Payments The pension or annuity payments that you receive are fully taxable if you don’t have an investment in the contract because:   You didn’t contribute anything to your pension or annuity Your employer didn’t withhold contributions from your

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11
Mar

Reconstructing Your Records After a Natural Disaster

Fire, hurricanes, and earthquakes – sometimes disaster strikes before we can get prepared. Making an emergency preparedness kit with food, supplies, radio, prescriptions, and important documents is your best bet before a disaster happens. Getting your records together and providing an accurate account of losses after a disaster will help with general tax purposes and will also be required for

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4
Mar

Self-Employed Tax Obligations

  When you work for yourself, there are a few tax considerations to keep in mind. Generally, you’re required to file and pay estimated taxes on a quarterly basis.   Determine if you are subject to tax: Subtract your business expenses from your business income. If your expenses are less than your income, the difference is part of your income.

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25
Feb

What is the Bank Secrecy Act?

In a partnership with the U.S. National Money Laundering Strategy, the IRS requires businesses to keep records and file reports that could be useful in the detection of money laundering, criminal enterprise, terrorism, or tax evasion. Here are some of the financial situations that could require reporting:   Report of Cash Payments Over $10,000 Received in a Trade or Business

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19
Feb

Donating Property for Deductions

You can make charitable donations to nonprofits, like Goodwill and Salvation Army, for tax deductions. Clothing often comes to mind when donating, but other items are also in demand. So, next time you’re ready to unload some items, consider these:   Furniture: That “slightly used” couch or armchair is donatable and could become someone else’s treasure. Be sure your donations

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11
Feb

Married Couples in Business

Under the provision of the Small Business and Work Opportunity Tax Act of 2007, a qualified joint venture by a married couple filing a joint return is not treated as a partnership for federal tax purposes. Income, gains, losses, deductions, and credits are divided between the spouses, depending on their interest in the business. Each spouse accounts for their share

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4
Feb

Home Office Deduction

If your home is your principal place of work and you dedicate an office or portion of your home to work, then you may be able to deduct expenses. This applies to homeowners and renters alike. Here are some requirements to consider for this deduction:   You use your home office regularly and exclusively, and your home is your principal

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28
Jan

Watch Out for Tax Scams

  Each year, thousands of taxpayers fall victim to phone and email phishing scams that are designed to obtain your personal information and/or your money. You could receive telephone calls offering sweepstakes, winnings, or tech support. These numbers can be blocked on most cell phones. Or you may receive emails claiming to be from the IRS (this is known as

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22
Jan

Tax Tips for Those in the Military

The IRS and the U.S. Department of Veterans Affairs have partnered to provide free tax preparation services, financial planning advice, and helpful information to veterans and their families. Here are just a few, helpful tips for veterans:   Earned Income Tax Credit Many veterans are eligible for the Earned Income Tax Credit. It’s a refundable, federal income tax credit that

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14
Jan

Tax Benefit and Credits: FAQs for Retirees

Lots of questions can come up about income taxes after one has retired. Listed are answers to just a few common questions for retired taxpayers.   What types of income are taxable? Some common types of taxable income: military retirement pay, all or part of pensions and annuities, all or part of Individual Retirement Accounts (IRA), unemployment compensation, gambling income,

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