If you paid someone to care for a child under age 13 or a qualifying spouse or dependent so you could work or look for work, you may be able to reduce your tax by claiming the Child and Dependent Care Credit on your federal...
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...
If you actively in an ongoing capacity buy property to fix up and resell even if you are doing it aside from your regular voacation you are"flipping" real estate and as such not eligible to treat those properties as capital assets. If you are holding...
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...
For someone to be a qualifying relative, four tests must be met: The person cannot be a qualifying child of another person. The person must either live with the taxpayer for the entire year or be a relative. The person’s gross income must be less than $3,400 for...
You must file a tax return if your income is above a certain level. The amount varies depending on filing status, age and the type of income you receive. For example, a married couple both under age 65 generally is not required to file until their...
Your federal tax filing status is based on your marital and family situation. It is an important factor in determining whether you must file a return, your standard deduction and your correct amount of tax. Your marital status on the last day of the year determines...
The IRS has outlined in Notice 2008-04, ways informants can report violations of the tax law and possibly claim a reward based on the amount of additional tax, penalties and interest that is owed. The IRS' Whistleblower Office will make the final determination about whether an...
Officials from the Internal Revenue Service and more than two dozen state workforce agencies announced they have entered into agreements to share the results of employment tax examinations. The agreements, part of the Questionable Employment Tax Practice (QETP) initiative, provide a centralized, uniform means for the...
Rowing, X-C skiing, Biking, Running, Mountain Climbing, Guitar Playing, Fishing, Gardening, Golf, Sewing, Woodworking, Horsemanship, Scrap Booking, Stamp and Coin Collecting, etc. The IRS isn’t trying to spoil your fun but if your favorite activity makes a profit every year or so, there may be tax...