Tax Tips


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.

What If I Need to Amend a Tax Return?
 

What If I Need to Amend a Tax Return?

Posted: May 2, 2017
There is a process for amending your tax return if you discover you made an error or left something out. Here is some practical advice.

What to Do When an IRS Letter Arrives in the Mail
 

What to Do When an IRS Letter Arrives in the Mail

Posted: April 18, 2017
The IRS mails millions of pieces of correspondence every year to taxpayers for a variety of reasons. Here are some suggestions on how to best handle a letter or notice from the IRS.

Don’t Miss These Overlooked Tax Deductions
 

Don’t Miss These Overlooked Tax Deductions

Posted: March 16, 2017
Even simple tax deductions can be overlooked. Stay informed about what you can deduct. The following points can help you see what you may be missing.