Many people make donations to charities whose work they support, but if you are planning to take a tax deduction for your gift, you must have the proper paperwork. Assembling the right documentation can also be tricky because the requirements vary based on whether the donation is cash and on the value of your gift. … More Documenting Your Charitable Donations
Taxpayers who refinanced their homes may be eligible to deduct some costs associated with their loans.
When preparing to file your federal tax return, don’t forget your contributions to charitable organizations. Your donations can add up to a nice tax deduction if you itemize on IRS Form 1040, Schedule A.
With as many as 10,000 baby boomers turning 65 each day, some may decide to move to another state for a variety of reasons. These include living in a warmer climate, being closer to children or other relatives, avoiding state income tax, health reasons, or a combination thereof. But, states and municipalities are looking for … More Residency Issues for Retirees . . .
If you drive your car or other vehicle for business purposes, you can take a mileage deduction of 57.5 cents in 2015 for every mile you drive for work. Here is everything you need to know in order to get the most out of your mileage write off. The important thing that you need to … More Mileage Deduction 101 . . .
I had several clients call me last year because criminals were calling them pretending to be the IRS threatening arrest if they did not give the caller data to collect from their bank account. Phishing is a scam typically carried out by unsolicited e-mail and/or bogus websites posing as legitimate sites luring unsuspecting victims to … More Fraudulent IRS Phishing Scams . . .
When a taxpayer starts receiving Social Security Benefits sometimes they are surprised to find out that they might have to pay taxes on some of the benefits. Some taxpayers must include up to 85% of their Social Security benefits in taxable income, while others find that their benefits are not taxable at all. If Social … More Surprise Your SSI Might Be Taxed . . .
Most of us have more than enough to do. We’re on the go from early in the morning until well into the evening — six or seven days a week. Thus, it’s no surprise that we may let some important things slide. We know we need to get to them, but it seems like they … More Review Beneficiary Designations . . .
Summer is the time when many people move to new homes. If you recently moved, you should let the IRS know your new address. Also, if you filed a joint return and you and/or your spouse have since separated, you both should notify the IRS of your new addresses. This is not legally required, but … More Did You Move? . . .
In the event of fraud relating to any of your financial records visit the the IRS website Taxpayer Guide to Identity Theft at http://www.irs.gov/uac/Taxpayer-Guide-to-Identity-Theft. This site refers to IRS Form 14039. It has two options; one for current issues and one that might effect future returns. Informing the IRS ahead of time about a known issue may … More Tax Tip