Courtesy of the IRS If you are self-employed, the IRS wants you to know about a tax deduction generally available to people who are self-employed. The deduction is for medical, dental or long-term care insurance premiums that self-employed people often pay for themselves, their spouse and their dependents. The insurance can also cover your child […]
Courtesy of the IRS Some children receive investment income and are required to file a federal tax return. If a child cannot file his or her own tax return for any reason, such as age, the child’s parent or guardian is responsible for filing a return on the child’s behalf. There are special tax […]
[TaxMama Note: If you have not yet filed for 2009 and have a refund coming – FILE IMMEDIATELY! If you are still waiting for data, documentation or anything else that prevents you from filing, then file a PROTECTIVE CLAIM. i.e. File a tax return. Write PROTECTIVE CLAIM on the top of the first page. Include […]
Courtesy of the IRS [TaxMama note: Don’t be in a hurry to file. Wait until you’re sure you have ALL the W-2s, 1099s, etc., including the corrected 1099s your brokerage sends out in March.] It’s a good idea to have all your tax documents together before preparing your 2012 tax return. You will need your […]
Courtesy of the Internal Revenue Service December is traditionally a month for giving generously to charities, friends and family. But it’s also a time that can have a major impact on the tax return you’ll file in the New Year. Here are some “Season of Giving” tips from the IRS covering everything from charity donations […]
Courtesy of the Internal Revenue Service Contributing money and property are ways that you can support a charitable cause, but in order for your donation to be tax-deductible, certain conditions must be met. Read on for six things the IRS wants taxpayers to know about deductibility of donations.
Courtesy of the Internal Revenue Service [TaxMama Note: For information on how to understand the letter from IRS, click here.] Receiving a notice from the Internal Revenue Service is no cause for alarm. Every year the IRS sends millions of letters and notices to taxpayers. In the event one shows up in your mailbox, here […]
Courtesy of the Internal Revenue Service [TaxMama note – also read about Wedding-Related Tax Benefits, here.] If you’ve recently updated your status from single to married, you’re not alone – late spring and summertime is a popular period for weddings. Marriage also brings about some changes with your taxes. Here are several tips for newlyweds […]
Courtesy of the Internal Revenue Service If you adopted a child last year and requested an extension of time to file your 2011 taxes, you may be able to claim the expanded adoption credit on your federal tax return. The Affordable Care Act temporarily increased the amount of the credit and made it refundable, which […]
Courtesy of the Internal Revenue Service Renting Your Vacation Home Income that you receive for the rental of your vacation home must generally be reported on your federal income tax return. However, if you rent the property for only a short time each year, you may not be required to report the rental income.