Job Search Expenses Can be Tax Deductible
Taxpayers who are looking for a new job that is in the same line of work may be able to deduct some job-hunting expenses on their federal income tax return, even if they don’t get a new job. Here are some important facts to know about deducting costs related to job searches:
Tips to Know for Deducting Losses from a Disaster
The IRS wants taxpayers to know it stands ready to help in the event of a disaster. If a taxpayer suffers damage to their home or personal property, they may be able to deduct the loss they incur on their federal income tax return. If their area receives a federal disaster designation, they may be…
Tips to Keep in Mind on Income Taxes and Selling a Home
Homeowners may qualify to exclude from their income all or part of any gain from the sale of their main home. Below are tips to keep in mind when selling a home:
Helpful Tips to Know About Gambling Winnings and Losses
Taxpayers must report all gambling winnings as income. They must be able to itemize deductions to claim any gambling losses on their tax return.
Summer Newlyweds Should Also Think About Taxes
Spring showers bring summer flowers and weddings typically aren’t far behind. Newlyweds have a lot to think about and taxes might not be on the list. However, there is good reason for a new couple to consider how the nuptials may affect their tax situation.
Check Withholding Now to Avoid Surprises at Tax Time
The federal income tax is a pay-as-you-go system. Employers generally withhold tax from workers’ wages. Taxpayers also often have taxes withheld from certain other income including pensions, bonuses, commissions and gambling winnings.
Tips on How to Handle an IRS Letter or Notice
The IRS mails millions of letters every year to taxpayers for a variety of reasons. Keep the following suggestions in mind on how to best handle a letter or notice from the IRS:
Plan Ahead for Tax Time When Renting Out Residential or Vacation Property
Summertime is a time of year when people rent out their property. In addition to the standard clean up and maintenance, owners need to be aware of the tax implications of residential and vacation home rentals.
IRS Offers Tips for Teenage Taxpayers with Summer Jobs
Students and teenagers often get summer jobs. This is a great way to earn extra spending money or to save for later. The IRS offers a few tax tips for taxpayers with a summer job:
Security Awareness for Taxpayers: The Tax Community Needs Your Help
The IRS, the states and the tax industry are committed to protecting you from identity theft. But, we need your help to join us in this effort.
