Tax Tips

Debt Cancellation May be Taxable
 

Debt Cancellation May be Taxable

Posted: March 2, 2017
If a lender cancels part or all of a debt, a taxpayer must generally consider this as income. However, the law allows an exclusion that may apply to homeowners who had their mortgage debt canceled in 2016.

Get Prior Year Tax Information from the IRS
 

Get Prior Year Tax Information from the IRS

Posted: March 1, 2017
Those who need a copy of their tax return should check with their software provider or tax preparer. Prior year tax returns are available from IRS for a fee.


Capital Gains and Losses – 10 Helpful Facts to Know
 

Capital Gains and Losses – 10 Helpful Facts to Know

Posted: February 23, 2017
When a person sells a capital asset, the sale normally results in a capital gain or loss. A capital asset includes inherited property or property someone owns for personal use or as an investment. Here are 10 facts that taxpayers should know about capital gains and losses.

Itemize or Choose the Standard Deduction
 

Itemize or Choose the Standard Deduction

Posted: February 21, 2017
Most taxpayers claim the standard deduction when they file their federal tax return. However, some filers may be able to lower their tax bill by itemizing. Find out which way saves the most money by figuring taxes both ways.

Are Social Security Benefits Taxable?
 

Are Social Security Benefits Taxable?

Posted: February 13, 2017
If taxpayers receive Social Security benefits, they may have to pay federal income tax on part of those benefits. These IRS tips will help taxpayers determine if they need to do so.

Five Things to Know About the Child Tax Credit
 

Five Things to Know About the Child Tax Credit

Posted: February 8, 2017
The Child Tax Credit is a tax credit that may save taxpayers up to $1,000 for each eligible qualifying child. Taxpayers should make sure they qualify before they claim it. Here are five facts from the IRS on the Child Tax Credit.