The Internal Revenue Service is continuing to face challenges with identity theft and taxpayer service this tax season, although there have been some improvements since last year.
Taxpayers that are married may file a JOINT RETURN, therefore combining their INCOME and expenses. Individuals will be considered married if:
1. They are living as husband and wife;
2. They are recognized living as common law marriage; or
3. Legally married but separated and living apart but not legally divorced.
Marriage is determined as of the last day of the tax year.
Homeowners, get excited: It’s tax season, that magical time of year when having a house actually saves you money. But just know that taking advantage of all these tax breaks can be kind of complicated, especially if you’re used to filing a 1040EZ and calling it a day. For one, with a home, it usually makes sense to itemize your deductions rather than take the standard, so that means it’s really on you to know all the niggling things that make the cut. To help you make sure you aren’t missing anything, we’ve compiled this handy home tax deduction checklist. Don’t file that return until you’re sure you’ve got ’em all!
An approach to product costing that assigns a representative portion of all types of manufacturing costs–direct materials, direct labor, variable factory overhead, and fixed factory overhead–to individual products.
House Republicans released a bill, the American Health Care Act, on Monday night to begin making good on their promise to repeal and replace the Affordable Care Act.
The ACA repeal bill proposed in the House on Monday would immediately repeal the individual and employer mandates, and modifies the current premium tax credit for 2018 and 2019 before replacing it with a new tax credit in 2020, according to Nicole Elliot, former IRS senior director of operations for the Affordable Care Act and current partner with law firm Holland & Knight.
At tax time, it’s easy to remember your wages, since you receive a Form W-2. It’s also easy to remember income reported on Forms 1099. You probably get many Forms 1099, so don’t lose them. But what isn’t so clear is if you get income without cash, and it is more common than you might think. A variety of events can give you taxable income even though you’ve seen no cash. For example, consider constructive receipt. This tax rule requires you to pay tax when you have a right to payment even though you do not actually receive it.
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The Internal Revenue Service said Wednesday it has a total of $1 billion worth of unclaimed tax refunds waiting for people who have not filed a 2013 income tax return.
The IRS estimates half the refunds are over $763, while the other half are less than that amount. Taxpayers can claim their refunds by filing a 2013 federal return by Tuesday, April 18, 2017, the filing deadline for this year.
Perhaps you didn’t realize it, but like the average house mouse, or your driver’s registration, many tax breaks have a life span of only one year. Technically, a lot of those tax credits and deductions expired on Dec. 31, 2016—which means that if you’re a homeowner, you might want to lock in whatever home-related tax benefits you can when you file last year’s return.
The difference between successful people and everyone else is the way they utilize time. With only so many hours in a day, you need to maximize those hours. The best of the best are up early and getting to work before their peers have rolled out of bed. So, what are the top five habits of successful people before 8 am?
WASHINGTON — The Internal Revenue Service today reminded non-U.S. citizens who may have taxable income, such as international students and scholars who may be working or receiving scholarship funds, that they may have special requirements to file a U.S. tax return.