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Tax Articles

Deducting Vehicle Donations

If you donated a car or other vehicle to a qualified charitable organization and intend to claim a deduction you should review the special rules that apply to vehicle donations. You can deduct contributions to a charity only if you itemize deductions on Schedule A of Form 1040. Generally, the amount you may deduct for…

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Deducting Costs of Refinancing Your Home

If you refinanced your home mortgage you may be eligible to deduct some costs associated with getting the new loan. The term “points” is used to describe certain charges paid to obtain a home mortgage. Here are some things to remember when deducting points: Taxpayers who itemize deductions generally may be able to deduct the points paid…

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New Form for Employees Misclassified as Independent Contracts

IRS Form 8919, Uncollected Social Security and Medicare Tax on Wages, may be used if you were an employee and your employer did not withhold your share these taxes and you meet certain criteria. These taxes will then be credited to you social security records. Generally, a worker who received a Form 1099 for services provided…

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Are you eligible for tax credits?

A tax credit is a dollar-for-dollar reduction of taxes owed. Some credits are refundable – taxes could be reduced to the point that a taxpayer would receive a refund rather than owing any taxes. Taxpayers should consider their eligibility for the credits listed below: The Earned Income Tax Credit is a refundable credit for low-income working…

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The easist way for investment ‘traders’ to report transaction gains and losses to the IRS

According to the instructions for Schedule D (page 6), instead of entering the details of each transaction separately on Schedule D or D-1, you can attach a statement containing all of the same information as Schedules D and D-1 as long as it is in a similar format. The combined totals are entered on lines…

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