Monthly Archives: July 2015

If you travel for business you know that sometimes it can take you on a new adventure to unknown places that you may like to explore a little more. If you take advantage of organizing your schedule correctly you may be able to get the most of your business trip by mixing in some pleasure. […]

Categories: Deductions Tags: ,

You will receive a 1099-R if you have received any payment from sources such as pensions, annuities or similar plans. This form will report any income earned from these distributions. Pension and Annuity Payments By setting up a retirement funds with your employer you are arranging a compensation agreement. Many retirement plans are contributed to […]

Categories: Forms Tags: , , , , ,

If you have income from investments you might notice a new tax. If you have regular income over a certain level and you receive investment income you may be responsible to pay this new tax, known as the Net Investment Income Tax. You will want to know a few basic rules about the new NIIT […]

Categories: General Tags: , , ,

You should be aware if you have been awarded money or damages through a court of law that the fund may be taxable. To figure how if any settlements or judgements are supposed to be included in your yearly income you need to determine what item the money is taking place of. The below items […]

Categories: General Tags: ,

Choosing a Filing Status

July 20, 2015

When filing your taxes you have the choice of one of five filing status. Each filing status has a different requirement and certain deductions can only be claimed with some filing statuses, you need to inspect each one to decide which will work best for you. Single: If you can filing with this status if […]

Categories: Filing Status Tags:

If you have received income via unemployment benefits or from tax refunds issued by state or local governments you may receive a Form 1099-G. You will need to report this income when you prepare your taxes. Benefits from Unemployment You are required to pay taxes on any income earned from unemployment benefits. The amount you […]

Categories: Forms Tags: , ,

When you are traveling for business, at some point you will likely have to eat at a restaurant. Deducting the cost of your meals from taxes will make the food taste that much better. You may be able to deduct business meals, but there is a specific set of guidelines you have to follow. According […]

Categories: Deductions Tags: , ,

If your job or business requires you to buy a new computer you may be able to deduct the cost as a business expense. It may be possible to deduct the whole amount in a single year. Employees If you are employed by someone else and are required to purchase a new computer, most time […]

Categories: Deductions Tags:

The IRS considers all same-sex couples who are legally married to be effectively married for all tax reasons, regardless of where you live in the country. Effective in 2013 all same-sex couples who are married are subject to the same tax implication as all other married couples. The IRS will consider a same-sex marriage if […]

Categories: Filing Status Tags:

If you have a mortgage loan on your home you should expect to receive a Form 1098 Mortgage Interest Statement at tax time from your lender. Form 1098 will report the full amount of interested you paid on your load throughout the year. The lender will also send a copy of Form 1098 to the […]

Categories: Deductions Tags: