May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the … [Read more...] about May 2016 Individual Due Dates
Are You Caring for a Disabled Family Member? Read This.
Article Highlights: • Caring for Disabled Family Members • Qualified Medicaid Waiver Payments • 2014 IRS Announcement • Exclusion Qualifications • Mandatory Exclusion • Earned Income Tax Credit Many taxpayers prefer to care for ill or disabled family members in their homes as opposed to placing them in nursing homes, but doing this can be expensive, time-consuming, and … [Read more...] about Are You Caring for a Disabled Family Member? Read This.
Tax Benefits for Members of the Clergy
Article Highlights: • Parsonage Allowance • Primary Residence • Fair Market Value Limitation • Designation by Employing Organization • Business Expenses and Excluded Income • Retired Clergy • Vow of Poverty • Self-Employment Tax Exemption Members of the clergy may qualify for two unique tax benefits: a tax-free parsonage allowance and exemption from self-employment tax on … [Read more...] about Tax Benefits for Members of the Clergy
Understanding the Fine Points of Capital Gains and Losses
Article Highlights: • What is a Capital Asset? • Long-Term Capital Gains Rates • Capital Loss Limitations • Asset Basis • Net Investment Income Tax • Home Sales • Wash Sales There is a category of income resulting from the sale of capital assets that receives special treatment for tax purposes. A capital asset is defined to include property of any kind, whether held for … [Read more...] about Understanding the Fine Points of Capital Gains and Losses
What Are the Tax Implications of Paying or Receiving Alimony?
Article Highlights: • Definition of Alimony • When Is It Income, and When Is It Deductible? • IRA Qualification • Effect of Child Support • Need for Estimated Payments • IRS Matching Program Recently divorced individuals may pay or receive alimony. If this is your situation, here are some tips for how to correctly treat the payments on your tax return. The first … [Read more...] about What Are the Tax Implications of Paying or Receiving Alimony?