Tax Tips

Making the Most out of Miscellaneous Deductions
 

Making the Most out of Miscellaneous Deductions

Posted: July 21, 2017
Miscellaneous deductions are tax breaks that generally don’t fit into a particular tax category. They can help reduce taxable income and the amount of taxes owed. Here are several tips from the IRS about miscellaneous deductions.


Plan Ahead for Tax Time When Renting Out Residential or Vacation Property
 

Plan Ahead for Tax Time When Renting Out Residential or Vacation Property

Posted: July 7, 2017
Receiving money for the use of a dwelling also used as a taxpayer’s personal residence generally requires reporting the rental income on a tax return. It also means certain expenses become deductible to reduce the total amount of rental income that's subject to tax.


Tips to Know for Deducting Losses from a Disaster
 

Tips to Know for Deducting Losses from a Disaster

Posted: July 5, 2017
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 able to claim the loss sooner.

Taxes and Your Summer Job
 

Taxes and Your Summer Job

Posted: June 7, 2017
Students may hear a lot about taxes in the news or at the dinner table, but a summer job is likely their first experience in actually paying taxes. Find out if it makes sense to file a tax return.

Hobby or Business? IRS Offers Tips to Decide
 

Hobby or Business? IRS Offers Tips to Decide

Posted: May 3, 2017
Millions of people enjoy hobbies that are also a source of income. Taxpayers must report on their tax return the income earned from hobbies. The rules for how to report the income and expenses depend on whether the activity is a hobby or a business.