Monthly Archives: February 2013

Important Reminders about Tip Income

If your pay from your job includes tips, the IRS has a few important reminders about tip income: Tips are taxable. Individuals must pay federal income tax on any tips they receive. The value of non-cash tips, such as tickets, passes or … Continue reading

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Save Money with the Child Tax Credit

If you have a child under age 17, the Child Tax Credit may save you money at tax-time. Here are some facts the IRS wants you to know about the credit. Amount.  The  non-refundable Child Tax Credit may help reduce your … Continue reading

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The 7 Tax Deductions You Shouldn’t Overlook

The good thing about taxes is they’re only filed once a year. The bad thing is it’s almost impossible to remember which tax deductions you qualify for each year. “Credits come and go. It’s hard to remember,” says Bob Wheeler, … Continue reading

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What Taxpayers Should Know about Identity Theft and Taxes

Protecting taxpayers and their tax refunds from identity theft is a top priority for the IRS. This year the IRS expanded its efforts to better protect taxpayers and help victims dealing with this difficult issue. When your personal information is … Continue reading

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Safeguard Your Refund – Choose Direct Deposit

Direct deposit is the fast, easy and safe way to receive your tax refund. Whether you file electronically or on paper, direct deposit gives you access to your refund faster than a paper check. Here are four reasons more than … Continue reading

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EMPLOYEE VS. INDEPENDENT CONTRACTOR, UNEMPLOYMENT INSURANCE, AND EXOTIC DANCERS

FACTS: Milano’s Inc. appeals the Kansas Department of Labor’s (KDOL) determination that its exotic dancers are employees rather than independent contractors for purposes of unemployment insurance. The KDOL held that the dancers’ tips qualified as wages. The district court and … Continue reading

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Determining Your Correct Filing Status

It’s important to use the correct filing status when filing your income tax return. It can impact the tax benefits you receive, the amount of your standard deduction and the amount of taxes you pay. It may even impact whether … Continue reading

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Taxable and Nontaxable Income

Most types of income are taxable, but some are not. Income can include money, property or services that you receive. Here are some examples of income that are usually not taxable: Child support payments; Gifts, bequests and inheritances; Welfare benefits; … Continue reading

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Eight Tax Benefits for Parents

Your children may help you qualify for valuable tax benefits, such as certain credits and deductions. If you are a parent, here are eight benefits you shouldn’t miss when filing taxes this year. 1. Dependents. In most cases, you can claim … Continue reading

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Missing Your W-2? Here’s What to Do

It’s a good idea to have all your tax documents together before preparing your 2012 tax return. You will need your W-2, Wage and Tax Statement, which employers should send by the end of January. Give it two weeks to … Continue reading

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