If you use a home office to run a business, either as an administrative office or as a place in which to make, assemble, or prepare items that you sell, you may be able to deduct part of your housing expenses (such as rent or utilities) on your federal income tax return.
It is March 2012, but you still have an opportunity to alter the outcome of your 2011 tax return. Learn more in this week’s Tax Tip.
Tax expert Dan DiLuzio, C.P.A. joins “Money Talks” to discuss some of the commonly overlooked tax deductions.
Your selection of a filing status for a given year will depend on your marital status as of the last day of your tax year (usually December 31). Depending on your situation, you may or may not have a choice regarding your filing status.
Taxpayers filed 140.5 million returns for 2009. Of those, nearly 82 million were taxable. Read more in the IRS bulletin.
Your FICA taxes are’nt going up! Congress extended the 2% reduction through the end of 2012. Read more in this Tax Tip.
Bil Lako, CFP®, highlights four items that pique the IRS’ interest, which may trigger an audit, in today’s Marietta Daily Journal. Read the Article.
New this tax filing season: If you hold “specified foreign financial assets” you may have to file IRS Form 8938. Find out more in this week’s Tax Tip.
There is one and only one instance when you can ignore the “IRS” — phishing scams. Learn what to look for in this week’s Tax Tip.
Employing your children in your sole proprietorship or partnership can provide significant tax advantages, including exemptions from FICA and FUTA taxes, the opportunity to shelter income through their standard deduction, and the potential for long-term financial growth through contributions to a Roth IRA.
