Archive for the ‘Tax Information – Individuals’ Category

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IRS Drops and Gives You 10…Military Tax Tips

by P. Lewis Robinson
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Aug
3

Summer is a busy time for everyone, but particularly for military members and their families. Whether it’s moving to a new base or traveling to a duty station, members of the military have many obligations that could impact their tax situation. Here are 10 IRS tax tips military members should keep in mind this summer to help with filing a tax return next year.

Moving Expenses If you are a member of the Armed Forces on active duty and you move because of a permanent change of station, you can deduct the reasonable unreimbursed expenses of moving you and members of your household. (more…)

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Do You Need to Amend Your Return?

by P. Lewis Robinson
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Aug
2

If you forgot to include some income or to take a deduction on your tax return – you can correct it by amending your tax return.

In some cases, you do not need to amend your tax return.  The Internal Revenue Service usually corrects math errors or requests missing forms – such as W-2s or schedules – when processing an original return. In these instances, do not amend your return. (more…)

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Tax Tips for New Business Owners

by P. Lewis Robinson
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Jul
29

Are you thinking about opening a new business? Here are a few tips to consider beforehand.

  1. Decide which type of entity you are going to establish. The entity type will determine which tax form you will file. The most common types of entities are sole proprietorships, limited liability company (LLC), partnerships, corporations and S-Corporations. (more…)
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Five Facts about the Making Work Pay Tax Credit

by P. Lewis Robinson
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Jul
27

1. This credit – still available for 2010 – equals 6.2 percent of a taxpayer’s earned income. The maximum credit for a married couple filing a joint return is $800 and $400 for other taxpayers.

2. Eligible self-employed taxpayers can benefit from the credit by evaluating their expected income tax liability and, if they are eligible, by making the appropriate adjustments to the amounts of their estimated tax payments. (more…)

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Five Tax Scams to Avoid this Summer

by P. Lewis Robinson
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Jul
26

The Internal Revenue Service issues a list of the top 12 tax scams each year – known as the Dirty Dozen. The scams are illegal and can lead to problems for taxpayers including significant penalties, interest and possible criminal prosecution. These scams don’t just happen during the tax filing season, they can happen anytime during the year. Here are five scams from the 2010 Dirty Dozen list every taxpayer should be aware of this summer. (more…)

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Four Tips on Preparing for a Disaster

by P. Lewis Robinson
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Jul
20

Planning what to do in case of a disaster is an important part of being prepared. The Internal Revenue Service encourages taxpayers to safeguard their records. Some simple steps can help taxpayers protect financial and tax records in case of disasters.

Listed below are tips for individuals on preparing for a disaster. (more…)

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Six Tips for Students with a Summer Job

by P. Lewis Robinson
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Jul
15

School’s out and many students now have a summer job. Some students may not realize they have to pay taxes on their summer income.  Here are the six things the IRS wants everyone to know about income earned while working a summer job.

  1. All employees fill out a W-4, Employee’s Withholding Allowance Certificate,  when starting a new job. This form is used by employers to determine the amount of tax that will be withheld from your paycheck. If you have multiple summer jobs you will want to make sure all your employers are withholding an adequate amount of taxes to cover your total income tax liability. To make sure your withholding is correct, use the Withholding Calculator on IRS.gov. (more…)
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Six Tax Benefits for Job Seekers

by P. Lewis Robinson
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Jul
14

Did you know that you may be able to deduct some of your job search expenses on your tax return?

Many taxpayers spend time during the summer months updating their résumé and attending career fairs. If you are searching for a job this summer, you may be able to deduct some of your expenses on your tax return. Here are six things the IRS wants you to know about deducting costs related to your job search. (more…)

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Nine Tips on the 10 Percent Tax on Tanning Services

by P. Lewis Robinson
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Jul
8

Starting July 1, 2010, many businesses offering tanning services must collect a 10 percent excise tax on the tanning services they provide. This excise tax requirement is part of the Affordable Care Act that was enacted in March 2010. (more…)

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When is a Gift Tax Return Required to Be Filed?

by P. Lewis Robinson
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Jun
29

One of the most misunderstood taxes is by far the federal gift tax. The federal gift tax applies to transfers of property from one person to another where the recipient does not pay fair market value for the property, or, in the case of gifts of cash, the recipient does not give anything of value in return for the cash. If one or more of these types of transfers are made during the course of the same year, then an IRS Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, will be required to be filed under the following circumstances: (more…)

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