Category Archives: General

Save with Exemptions

Exemptions can save you a significant amount at tax time. For 2015, taxpayers can claim exemptions in three different categories, as long as they meet the requirements. Each exemption is worth $4,000, which is $50.00 greater than last year’s exemption amount. The exemption may be phased out for certain taxpayers who are considered high-income. Personal […]

Are you expecting a tax refund after you’ve sent in your return? There’s a chance your refund can be delayed or even altered if certain instances exist. Some reasons for your delay may be: You have an outstanding individual or business tax bill, which will offset your refund amount You are delinquent in child support […]

Are you aware that some Social Security benefits may be considered taxable income? Even though some taxpayers find that their benefits aren’t included at tax time, there are some benefits that will be subject to taxation. The IRS has special rules to help you determine which Social Security benefits are taxed. Form SSA-1099, Social Security […]

If you filed your tax return last year or prior, you may have noticed some legislation which extended some tax provisions that are no longer applicable. Last year, Congress approved some legislation that was highly anticipated. However, this tax year, we lament in the tax provisions of seasons past. The following are no longer applicable, […]

As you’re now probably aware, the Affordable Care Act imposes strict penalties for taxpayers who don’t have health insurance. However, exemptions apply in some circumstances, which can excuse the penalty from taxpayers who meet the requirements. Form 8965, Health Care Exemptions, can be filed with a tax return and used to claim a hardship exemption […]

If you conduct business in a part of your home, you may be eligible for tax deductions. It doesn’t matter if you are self-employed or are an employee of another business, although you must use your home as one of the following: Exclusively on a regular basis, as the home must be the primary location […]

Interested in Interest?

Borrowing money leads to compounded interest charges. Interest is a fee added to the money you borrowed, and is generally charged for the length of repayment. In some cases, interest can either be deducted or claimed as a credit, however it has to meet certain qualifications. Prepaid interest has to be deducted throughout the tax […]

Anything you own, whether it’s something you use for personal reasons or an investment purpose, is considered a capital asset. Things like your home, furniture, and vehicle, as well as stocks and bonds are all examples of the types of capital assets many people own. If you chose to sell one of these assets, the […]

Not everyone is required to file a tax return. Most people are, but for those who aren’t, it may still prove beneficial to do so anyway. If you’re not sure if you have to file a tax return, you should familiarize yourself with the rules before tax season approaches. Income, age, and filing status all […]

Since the enactment of the Affordable Care Act, your taxes are now affected by your health care coverage status. The new policy states that all Americans must have qualified health insurance, though there are a few circumstances in which an exception may apply. Generally, 3/4ths of the taxpayers who file a return will only be […]