Category Archives: Individual

With technology making it easier than ever for people to operate a business out of their house, many taxpayers may be able to take a home office deduction when filing their 2009 federal tax return next year. Here are five … Continue reading →

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 … Continue reading →

During summer months, some people sell their home.  Many of those individuals will make a profit on the sale and still will not have to pay a single dime of additional income tax to the IRS.   Here are seven … Continue reading →

The Internal Revenue Service announced its first successful prosecution related to fraud involving the first-time homebuyer credit and warned taxpayers to beware of this type of scheme. On Thursday July 23, 2009, a Jacksonville, Fla.-tax preparer, James Otto Price III, … Continue reading →

There is tax relief for struggling homeowners.  If your mortgage debt is partly or entirely forgiven at any time during 2007 through 2012, you may be able to claim special tax relief on your federal income tax return for that … Continue reading →

The American Recovery and Reinvestment Act of 2009 (ARRA) provides energy incentives for both individuals and businesses. Here are some of the key energy provisions in ARRA that may impact taxpayers: Residential Energy Property Credit (Section 1121): The new law … Continue reading →

The Earned Income Tax Credit (EITC) is a tax credit for people who work but do not earn high incomes. The EITC is a valuable tool helping eligible taxpayers to lower their taxes or to claim a refund. The IRS … Continue reading →

With 2009 now half over, the Internal Revenue Service reminds taxpayers to take advantage of the numerous tax breaks made available earlier this year in the American Recovery and Reinvestment Act (ARRA). The recovery law provides tax incentives for first-time … Continue reading →

Many students get a summer job during their time off from school. Here are the top seven things the IRS wants everyone to know about income earned while working a summer job. 1. Taxpayers fill out a W-4 when starting … Continue reading →