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Tag Archives: Internal Revenue Service
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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Take Credit for Your Retirement
Saving for your retirement can make you eligible for a tax credit worth up to $2,000. If you contribute to an employer-sponsored retirement plan, such as a 401(k) or to an IRA, you may be eligible for the Saver’s Credit. … Continue reading
Seven Important Tax Facts about Medical and Dental Expenses
If you paid for medical or dental expenses in 2012, you may be able to get a tax deduction for costs not covered by insurance. The IRS wants you to know these seven facts about claiming the medical and dental … Continue reading
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Tagged Dental Expenses, Internal Revenue Service, IRS, Medical Expenses, Tax Deduction, Tax Facts
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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