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Monthly Archives: March 2013
Two Education Credits Help Pay Higher Education Costs
The American Opportunity Credit and the Lifetime Learning Credit may help you pay for the costs of higher education. If you pay tuition and fees for yourself, your spouse or your dependent you may qualify for these credits. Here are … Continue reading
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Tagged American Opportunity Credit, AOTC, Hoorfar Law, Internal Revenue Service, IRS, Lifetime Learning Credit
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Don’t Miss the Health Insurance Deduction if You’re Self-Employed
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 … Continue reading
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Tagged Health Insurance Deduction, Hoorfar Law, Internal Revenue Service, IRS, Self-Employed
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Protect Yourself from the Dirty Dozen Tax Scams
The IRS’s annual ‘Dirty Dozen’ list includes common tax scams that often peak during the tax filing season. The IRS recommends that taxpayers be aware so they can protect themselves against claims that sound too good to be true. Taxpayers … Continue reading
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Tagged Dirty Dozen Tax Scams, Hoorfar Law, Internal Revenue Service, IRS, Tax scam
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Ten Things to Know about Farm Income and Deductions
If you earn money managing or working on a farm, you are in the farming business. Farms include plantations, ranches, ranges and orchards. Farmers may raise livestock, poultry or fish, or grow fruits or vegetables. Here are 10 things about … Continue reading
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Tagged Farm Income and Deductions, Hoorfar Law, Internal Revenue Service, IRS
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Tax Rules for Children Who Have Investment Income
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 … Continue reading
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Tagged Hoorfar Law, Internal Revenue Service, Invested Income, IRS, tax return
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Itemizing vs. Standard Deduction: Six Facts to Help You Choose
When you file a tax return, you usually have a choice to make: whether to itemize deductions or take the standard deduction. You should compare both methods and use the one that gives you the greater tax benefit. The IRS … Continue reading
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Tagged Hoorfar Law, Internal Revenue Service, IRS, Itemize Deductions, Standard Deduction, Tax Deductions
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Home Office Deduction: a Tax Break for Those Who Work from Home
If you use part of your home for your business, you may qualify to deduct expenses for the business use of your home. Here are six facts from the IRS to help you determine if you qualify for the home … Continue reading
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Tagged Home Office Deduction, Hoorfar Law, Internal Revenue Service, IRS, Tax Break
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Claiming the Child and Dependent Care Tax Credit
The Child and Dependent Care Credit can help offset some of the costs you pay for the care of your child, a dependent or a spouse. Here are 10 facts the IRS wants you to know about the tax credit … Continue reading
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Tagged Child Care and Dependant Tax Credit, Internal Revenue Service, IRS
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Five Tax Credits that Can Reduce Your Taxes
A tax credit reduces the amount of tax you must pay. A refundable tax credit not only reduces the federal tax you owe, but also could result in a refund. Here are five credits the IRS wants you to consider … Continue reading
Important Facts about Mortgage Debt Forgiveness
If your lender cancelled or forgave your mortgage debt, you generally have to pay tax on that amount. But there are exceptions to this rule for some homeowners who had mortgage debt forgiven in 2012. Here are 10 key facts … Continue reading
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Tagged Internal Revenue Service, IRS, Mortgage debt, Taxable income
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