Food and lodging expenses are generally deductible when away from home for business purposes. This may be particularly beneficial for self-employed individuals who travel extensively to places like this Southern California Resort. However, like everything involving taxes, there are rules to follow. The IRS requires that lodging expenses (and other expenses of $75 or more) [...]
Individuals who pay alimony, which you can learn more about it at alimony detailed, can deduct the amount paid from income on their tax return to reduce the amount of their personal income tax. This is one of the first things that many alimony payers do once they've used a MA Alimony Calculator to see [...]
Years ago, Congress created the earned income tax credit (EITC) as a refundable tax credit for people who work but have lower incomes. This credit has been a nemesis for the IRS to administer ever since because, on the one hand, it is the frequent target of fraud and excess credit claims and, on the [...]
As the summer break from school approaches, many students are looking for part-time summer employment. If the prospect of working while studying is one that excites you, you may want to look into becoming something like a Cultural Care Au Pair. This involves working as a child carer to earn some extra money while completing [...]
Article Highlights Filing status can be single, married filing jointly, married filing separately, head of household, or surviving spouse with dependent child. Adjusted gross income (AGI) is the sum of a taxpayer's income minus specific subtractions called adjustments. Modified AGI is the regular AGI with certain adjustments and exclusions added back. Taxable income is AGI [...]
If you have a second home in a resort area, or if you have been considering acquiring a second or vacation home, you may have questions about how rental income is taxed should you decide to rent it part of the time on https://rentalcloud.com/ or similar listing sites. It is a fair concern. After all, [...]
A frequent taxpayer question is whether it is better to invest for tax-free or taxable interest. Generally, taxable interest will provide a greater return, but this may not hold true after taking into account taxes on the income. Therefore, the question is really which provides the greater "after-tax" return. Making a decision will take on [...]
A question frequently asked by individuals who are approaching the age at which they can draw Social Security benefits is, "At what age should I begin taking my benefits?" To make an informed decision, a number of issues should be considered, including how doing so affects your benefits, what the tax ramifications are, the historical [...]
The Affordable Care Act (ACA), also referred to as Obamacare, imposes an individual mandate requiring all non-exempt U.S. Citizens and legal residents to enroll in government-approved health insurance in 2014 or pay a penalty. The penalty will be collected through the individual’s income tax returns (Form 1040). The penalty for not having insurance is generally [...]
For several years now, Congress has left the taxpaying public hanging to the last minute with tax changes and extensions. And each year, the political gridlock seems to get worse, leaving taxpayers pondering how to plan their finances and businesses undecided about capital investments and hiring new employees, not knowing what the tax laws will [...]
