If you volunteer your time for a charity, you may qualify for tax breaks. Although no tax deduction is allowed for the value of services performed for a charity, some deductions are permitted for out-of-pocket costs incurred while performing the services. The normal deduction limits and substantiation rules also apply. The following are some examples: Away-from-home travel … [Read more...] about Tax Breaks for Charity Volunteers
Individual Estimated Tax Payments for 2013 Start Soon
Our tax system is a “pay-as-you-go” system, and if your pre-paid amount is not enough, you become liable for non-deductible interest penalties. To facilitate that concept, the government has provided several means of assisting taxpayers in meeting the “pay-as-you-go” requirement. The primary among these include: Payroll withholding for employees; Pension withholding for … [Read more...] about Individual Estimated Tax Payments for 2013 Start Soon
Checking the Status of Your Federal Tax Refund is Easy
If you already filed your federal tax return and are due a refund, you can check the status of your refund online. Where’s My Refund? http://www.irs.gov/Refunds/Where%27s-My-Refund-It%27s-Quick,-Easy,-and-Secure. is an interactive tool on the IRS web site. Whether you split your refund among several accounts, opted for direct deposit into one account, or asked the IRS to mail … [Read more...] about Checking the Status of Your Federal Tax Refund is Easy
Beware of Bogus IRS Emails
Every tax-filing season, the scammers and ID thieves try to sucker people into providing personal and financial information through the use of phony e-mails. The IRS receives thousands of reports every year from taxpayers who received emails out of the blue claiming to be from the IRS. Scammers use the IRS name or logo to make the message appear authentic in an effort to get … [Read more...] about Beware of Bogus IRS Emails
Are You Collecting the Needed W-9s?
If you use independent contractors to perform services for your business or rental that is a trade or business, and you pay them $600 or more for the year, you are required to issue them a Form 1099 after the end of the year to avoid facing the loss of the deduction for their labor and expenses. (This requirement generally does not apply for payments made to a corporation. … [Read more...] about Are You Collecting the Needed W-9s?