If you are unemployed, certain expenses you incur when looking for a new job may be tax deductible. Learn more in this week’s Tax Tip.
Taxpayers age 70½ or older are allowed a qualified charitable distribution (QCD), which lets you to direct your IRA trustee to make a distribution, up to $100,000, directly from your IRA to a qualified charity. This QCD fulfills the required minimum distribution for the year.
If you plan to take charitable deductions on your taxes, note the IRS requires written substantiation of your donation. For more, read this week’s Tax Tip.
Tax Tip: Large estates, opting out of the estate tax, have until Tuesday, January 17, 2012, to file Form 8939
Large estates, opting out of the estate tax, have until Tuesday, January 17, 2012, to file Form 8939. Read this week’s Tax Tip for more information.
If you are an eligible small employer or a tax-exempt eligible small employer, you may qualify for the small employer health insurance premium credit.
What is the statue of limitations for the IRS to question your tax return? As with all things tax, it depends. Read this Tax Tip for more information.
In 2011, you will see your adjusted cost basis on your 1099-B Proceeds From Broker and Barter Exchange Transactions form. Find out what this means to you.