Topic: Tax deduction
Washington, D.C. – 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.
The Internal Revenue Service gives 10 facts that you should know about capital gains and losses. «Read the rest of this article»
Washington, D.C. – When you file your tax return, you usually have a choice whether to itemize deductions or take the standard deduction. Before you choose, it’s a good idea to figure your deduction using both methods.
Then choose the one that allows you to pay the lower amount of tax.
The IRS offers these five tips to help you choose. «Read the rest of this article»
Washington, D.C. – Giving to charity can benefit others and can also lower your tax bill.
The IRS offers these nine tips to help ensure your contributions pay off on your tax return. More information on charitable contributions can be found in Publication 526, Charitable Contributions of the www.irs.gov website. «Read the rest of this article»
Washington, D.C. – Do you plan to travel while doing charity work this summer?
Some travel expenses may help lower your taxes if you itemize deductions when you file next year.
Here are five tax tips the IRS wants you to know about travel while serving a charity.
Clarksville, TN – Here are six last-minute things to keep in mind as the due date for most individuals’ 2012 federal income tax returns approaches.
File on time, pay any taxes due – The due date for 2012 federal income tax returns is April 15th, 2013. If you’re not going to be able to file your federal income tax return by the due date, file for an extension using IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. «Read the rest of this article»
Washington, D.C. – If you are able to itemize your deductions on your tax return instead of claiming the standard deduction, you may be able to claim certain miscellaneous deductions. A tax deduction reduces the amount of your taxable income and generally reduces the amount of taxes you may have to pay.
Here are some things you should know about miscellaneous tax deductions:
Washington, D.C. – If you’re self-employed and paying for medical, dental or long-term care insurance, the IRS wants to remind you about a special tax deduction for some insurance premiums paid for you, your spouse, and your dependents.
Starting in tax year 2011, this deduction is no longer allowed on Schedule SE (Form 1040), but you can still take it on Form 1040, line 29. «Read the rest of this article»
Washington, D.C. – The Alternative Minimum Tax attempts to ensure that anyone who benefits from certain tax advantages pays at least a minimum amount of tax. The AMT provides an alternative set of rules for calculating your income tax.
In general, these rules should determine the minimum amount of tax that someone with your income should be required to pay. If your regular tax falls below this minimum, you have to make up the difference by paying alternative minimum tax. «Read the rest of this article»
IRA contribution limits
Clarksville, TN – The maximum amount you can contribute to a traditional IRA or Roth IRA in 2012 remains at $5,000 (or 100% of your earned income, if less), unchanged from 2011.
The maximum catch-up contribution for those age 50 or older remains at $1,000. (You can contribute to both a traditional and Roth IRA in 2012, but your total contributions can’t exceed this annual limit.) «Read the rest of this article»
Nashville, TN – Before you start a summer job, take a vacation, or send the kids off to camp, the Internal Revenue Service wants you to know that certain summertime activities may help you qualify for tax benefits. However, there are also some tax issues that must be handled correctly now to avoid problems later.
“Remember that some common summertime activities can lead to tax benefits, but they can also lead to tax problems if not handled correctly,” said IRS spokesman Dan Boone. «Read the rest of this article»
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