If you’ve been doing your research on tax credits and deductions, some of the sources that you've come across might mention that you’ll want to watch out for the AMT when using them. The alternative minimum tax (AMT) system is intended for higher-income taxpayers, but over time has come to affect middle-class families as well, ... Read More
Tax Blog
2012 IRS Standard Mileage Tax Deduction Rate?
The 2012 IRS mileage rates (2013 IRS mileage rates) vary depending on whether you are claiming mileage for business travel, moving expenses, charitable work or medical-related traveling. Each category of travel has its own mileage rate used to calculate the tax deductible expenses related to driving your vehicle. IRS mileage ... Read More
IRS Files Tax Liens Against Santana Moss, Albert Pujols
The IRS has filed a $258,017 tax lien against Redskins wideout Santana Moss. The lien comes as a result of more than $250k in taxes the 11-year NFL veteran neglected to pay back in 2006, despite his earning more than $1.9 million that year. The Detroit News reports that the tax lien was filed against Moss’s $5.2 million ... Read More
As an Employee, Which Business Expenses are Tax Deductible?
When you’re working for your employer on the road or from a home office, you’re likely to run up a lot of expenses, some of which may not be reimbursed by your employer. It is crucial that you do not throw away the receipts for those expenses. By keeping track of your business expense documents, you can add them to your ... Read More
2011 Tax Deductible Medical Expenses: Eligibility and Limits
The price of medical care in the U.S. can run into the thousands of dollars each year for routine care once you factor in the cost of insurance premiums, co-payments and medications. In addition to the already hefty expense, some families are also faced with extremely costly medical conditions or diseases, which require medical ... Read More
Backup Withholding Tax Rate: When it Applies & IRS Notifications
If you are an employer or some other entity that makes payments, you must withhold taxes from your employees' paychecks and certain other payments that you issue. However, you must also be aware of any additional taxes that you may have to withhold. For payees who do not furnish a correct Tax Identification Number (TIN), you ... Read More
Another Rapper in the IRS Doghouse? Bow Wow Hit With Tax Lien
The IRS has reportedly filed a tax lien against rapper Bow Wow in the state of Florida. According to TMZ, the 24-year-old, whose real name is Shad Gregory Moss, owes $91,105.61 in unpaid taxes from 2006. Bow Wow, who has been criticized lately for pushing back the release of his upcoming album, Underrated, claims that the tax ... Read More
Charitable Tax Deductions: How to Deduct Donations to Charity
Are you trying to determine whether or not a charitable donation that you've made - or are thinking of making - will be a tax deduction? The good news is that most donations made to charities qualify as tax deductions. The bad, news, however, is that if you plan to write off charitable contributions, you will need to itemize ... Read More
Tax Breaks for Veterans and Active Military Members
If you are a veteran, you may be entitled to certain tax breaks. While veterans must pay taxes on their regular earned military and veteran pay, there are other areas that they do receive tax breaks. If you are a military veteran, here is a look at what you need to know: Property Tax Exemptions for Veterans Certain veterans ... Read More
IRS Worker Classification: Independent Contractor vs Employee
If you're a business owner who utilizes independent contractors, it is crucial for you to be aware of the differences between an independent contractor and an employee in terms of how the IRS defines each. While there are tax benefits to using independent contractors rather than hiring employees, you must be very careful in ... Read More
