Category Archive: Tax Tips


Summary of Tax Extenders Agreement

Posted by AFS Taxsavers in Tax Tips

DIVISION D – REVENUE MEASURES TITLE I – EXTENSION OF EXPIRING PROVISIONS Subtitle A – Tax Relief for Families and Individuals Section 40201. Extension and modification of exclusion from gross income of discharge of qualified principal residence indebtedness. The provision extends through 2017 the exclusion from gross income of a discharge of qualified principal residence […]


Tax Strings on State Tax Refund

  Question: My accountant says my state income tax refund from last year is taxable. Is this possible? H.C., Middlesex, N.J. Answer: Yes. If you claimed state income taxes as an itemized deduction on Schedule A of your 2015 Form 1040, any refund you received in 2016 from the state counts as taxable income on […]


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. […]


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 […]


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 […]


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 […]


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 […]


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 […]

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