Donate Time To Charity?

Did you donate your time to charity last year? If you traveled for it, you may be able to lower your taxes. Here are some tax tips that you should know about deducting charity-related travel expenses:  Qualified Charities.  To deduct your costs, you must volunteer for a qualified charity. Most groups must apply to the…

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Ten Facts That You Should Know About Capital Gains And Losses

When you sell a capital asset the sale results in a capital gain or loss. A capital asset includes most property you own for personal use or own as an investment. Here are ten facts that you should know about capital gains and losses: 1. Capital Assets.  Capital assets include property such as your home or car,…

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Deducting Charitable Donations

When you give a gift to charity, it helps others in need. It may also help you at tax time. You may be able to claim the gift as a deduction that may lower your tax. Here are eight tax tips you should know about deducting your gifts to charity: 1. Qualified Charities. You must donate to…

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Happy New Year!

The deadline to e-file forms 1099 with the IRS is January 31. Penalties of $50 per late 1099 begin on February 1!  If, related to your business or rental property, you paid anyone $600 or more during 2016, you might need to issue IRS Forms 1099-MISC to those people and businesses.  When you must issue a 1099-MISC The Internal Revenue Service requires you to report certain payments you make as part…

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Why Hire A Tax Professional?

Pop star Iggy Azalea has not been getting a lot of good news in the audit area lately. Not only did her Twitter Audit score land at 93 percent – meaning that only 7 percent of her followers are actually real people – but the IRS determined that she owes nearly $400,000 in taxes from…

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Ten Tax Facts For When You Sell Your Home

Are you thinking that if you sell your house and buy a more expensive one within two years you won’t have to pay tax on the gain?  Or that there’s a one-time exclusion so senior citizens don’t have to buy another house?  Those are actually parts of an old law that was changed in 1997,…

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Do I Have To Put This On My Tax Return?

All income is taxable unless the law excludes it. Here are some basic rules you should know to help you file an accurate tax return: Taxed income.  Taxable income includes money you earn, like wages and tips. It also includes bartering, an exchange of property or services. The fair market value of property or services…

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Can You Deduct Your Volunteer Expenses?

Many people perform many hours of volunteer work in our community, especially at this time of year. Volunteering can be a fun way to help your local community.  It can also reduce your taxes.  In order to take tax deductions for your volunteer work, you will want to ensure the organization you are volunteering for…

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Is My Social Security Taxable?

If you receive Social Security benefits, you may have to pay federal income tax on part of your benefits. We can help you determine whether or not you need to pay taxes on your benefits. • Form SSA-1099.  If you received Social Security in 2015, you should receive a Form SSA-1099, Social Security Benefit Statement, showing…

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Tips For Gamblers

Is your vision of the ideal Friday night a trip to the casino with friends?  If you play the ponies, cards or slots, your gambling winnings are taxable. You must report them on your tax return. If you gamble, these tips can help you at tax time next year: 1. Gambling income.  Income from gambling includes winnings…

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