Category Archive: Tax Tips

MAR
28

Tax Tips for Farmers

Farms include ranches, ranges and orchards. Some raise livestock, poultry or fish. Others grow fruits or vegetables. Individuals report their farm income on Schedule F, Profit or Loss from Farming. If you own a farm, here are some tips to help at tax time:   Crop insurance.  Insurance payments from crop damage count as income. […]

MAR
26

Tips You Should Know about Employee Business Expenses

If you paid for work-related expenses out of your own pocket, you may be able to deduct those costs. In most cases, you claim allowable expenses on Schedule A, Itemized Deductions. Here are some tips that you should know about this deduction. Ordinary and Necessary.  You can only deduct unreimbursed expenses that are ordinary and […]

MAR
25

Tax Tips about Reporting Foreign Income

Are you a U.S. citizen or resident who worked abroad last year? Did you receive income from a foreign source in 2014? If you answered ‘yes’ to either of those questions here are seven tax tips you should know about foreign income:   Report Worldwide Income.  By law, U.S. citizens and residents must report their […]

MAR
24

Five Key Points about Children with Investment Income

Special tax rules may apply to some children who receive investment income. The rules may affect the amount of tax and how to report the income. Here are five key points to keep in mind if your child has investment income:   Investment Income.  Investment income generally includes interest, dividends and capital gains. It also […]

MAR
23

Top Six Tips about the Home Office Deduction

If you use your home for business, you may be able to deduct expenses for the business use of your home. If you qualify you can claim the deduction whether you rent or own your home. If you qualify for the deduction you may use either the simplified method or the regular method to claim […]

MAR
14

Cut Taxes and Save on Energy Bills with Home Energy Credits

You can reduce your taxes and save on your energy bills with certain home improvements.  Here are some key facts that you should know about home energy tax credits: Non-Business Energy Property Credit  Part of this credit is worth 10 percent of the cost of certain qualified energy-saving items you added to your main home […]

MAR
11

Top Facts about Adoption Tax Benefits

If you adopted or tried to adopt a child in 2014, you may qualify for a tax credit. If your employer helped pay for the costs of an adoption, you may be able to exclude some of your income from tax. Here are ten things you should know about adoption tax benefits. Credit or Exclusion.  […]

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