Monthly Archives: July 2015

If you have earned interest during the tax year you are required to report it to the IRS. Even if the interest earned is not taxable you must file a 1099-INT with your taxes. You are not required to send copies of the 1099-INT’s that you receive as long as you report the income. What […]

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As a business owner knowing what you are doing at tax time can have a large outcome on your end of year finances. There are tax regulations that can help lower the amount of taxes your business is required to pay, these deductions can be applied to certain business expenses. The amount of money deducted […]

Categories: Deductions Tags: ,

A lender is required to provide you with a 1098-E if you have paid more than $600 during the year in student loan interest. You are not required to do itemized deductions to take advantage of the student loan interest deductions. When you file your taxes student load interest will be subtracted from your total […]

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If you are a student the summer is a great time to earn a little extra cash and get a job. You have more free time being off from school and having a summer job can teach you about responsibility and give you some real world working experience. Having a summer job also means you […]

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If you are disabled there is a variety of tax credits available. By using these credits and deductions you can lower the amount of taxes you may owe, sometimes this can even lead to a refund. The IRS defines as being disabled by the following two conditions: You are physically or mentally disabled that limits […]

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As you know if you have a rental property you are required to report any earnings from tenants in your properties as income. Although if you have a property that you live in most of the year, but rent for short periods you may not have to report any income earned. You may even be […]

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If you are filing taxes in 2014 you should know how the Affordable Care Act will affect your taxes. You may notice your taxes impacted more this year depending on where you received health coverage from or if you had no health insurance at all. Most tax payers with health coverage receive that coverage from […]

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As a taxpayer you are able to claim exemptions for dependents, these dependents will fall under one of two categories; qualifying child or qualifying relative. By claiming dependents on your taxes you will lower your taxable income by an amount for each dependent that is equal to the exemption. For 2014 the dependency exemption was […]

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There are some benefits to filing Head of Household if you qualify for the filing status. Usually by filing Head of Household filing status you have the advantage of having a lower tax rate and higher standard deduction they filers who use either the single or married filing separately status’. You have five different filing […]

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For the majority of people who pay taxes, April 15th is the last day you can file your return. If you are owed a refund from the IRS you will not incur a penalty for filing late. Though if you end up owing money at the end of the tax year and you do not […]

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