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The Internal Revenue Service today announced a simplified option that many owners of home-based businesses and some home-based workers may use to figure their deductions for the business use of their homes. In tax year 2010, the most recent year for which figures are available, nearly 3.4 million taxpayers claimed deductions for business use of […]
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The IRS offers some tips about education tax benefits that can help offset some college costs for students and parents. Typically, these benefits apply to you, your spouse or a dependent for whom you claim an exemption on your tax return. American Opportunity Credit. This credit, originally created under the American Recovery and Reinvestment Act, […]
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If you have a gain from the sale of your main home, you may be able to exclude all or part of that gain from your income. Here are 10 tips from the IRS to keep in mind when selling your home: 1. In general, you are eligible to exclude the gain from income if you have […]
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21 Jun '16
Contributing money and property are ways that you can support a charitable cause, but in order for your donation to be tax-deductible, certain conditions must be met. Read on for six things the IRS wants taxpayers to know about deductibility of donations. 1. Tax-exempt status. Contributions must be made to qualified charitable organizations to be deductible. […]
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During the summer many parents may be planning the time between school years for their children while they work or look for work. The IRS wants to remind taxpayers that are considering their summer agenda to keep in mind a tax credit that can help them offset some day camp expenses. The Child and Dependent […]
