Article Highlights Gambling winnings must be reported as taxable income. Gambling losses may be deducted as an itemized deduction. Losses cannot exceed winnings. Losses must be documented. Winnings must include all winnings not just those shown on a W-2G. Good news...You can! However, the bad news is that gambling losses are only deductible up to the amount of your … [Read more...] about So You Want To Deduct Your Gambling Losses?
Personal Tax
Preparing for the New Surtax
As part of the Affordable Care Act (the new health care legislation), a new tax kicks in this year. The official name of this tax is the Unearned Income Medicare Contribution Tax, and even though the name implies it is a contribution, don’t get the idea that it is voluntary or that you can deduct it as a charitable contribution. It is actually a surtax levied on the net … [Read more...] about Preparing for the New Surtax
Premium Assistance Credit – The Health Insurance Subsidy for Lower Income Individuals and Families
Beginning in 2014, as part of the Patient Protection and Affordable Health Care Acts, all U.S. persons, with certain exceptions, must have minimal essential health care coverage or face a tax penalty. Recognizing this requirement could present a serious financial problem for lower-income individuals and families who do not have employer-provided coverage or other forms of … [Read more...] about Premium Assistance Credit – The Health Insurance Subsidy for Lower Income Individuals and Families
September 2013 Individual Due Dates
September 1 - 2013 Fall and 2014 Tax Planning Contact this office to schedule a consultation appointment. September 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your employer on IRS Form 4070 no later than September 10. Your employer is required to withhold FICA … [Read more...] about September 2013 Individual Due Dates
Tax Benefits for Military Personnel
If you’re a member of the U.S. Armed Forces, there are many tax benefits that may apply to you. Special tax rules apply to military members on active duty, including those serving in combat zones. These rules can help lower your federal taxes and make it easier to file your tax return. Here are some of the more prominent of those benefits: Combat Pay Exclusion—If you are an … [Read more...] about Tax Benefits for Military Personnel