Rules for Claiming Noncash Charitable Deductions

Did you donate some of your household items to charity during the past year? If so, you may be eligible to deduct the value of these items as a charitable contribution on your federal income tax return. The IRS allows taxpayers to claim an itemized deduction for...

Are Social Security Benefits Taxable?

Individual taxes

Many taxpayers are under the impression that Social Security benefits are not taxable income. While this is true for most taxpayers, some individuals do have to pay taxes on their Social Security benefits. Knowing if this law applies to you can help you prepare for...

IRS Expands E-filing – adds additional forms

Business taxes, Individual taxes

The IRS announced that it started accepting Form 4562 (Depreciation and Amortization) for processing on Sunday, February 10, 2013. Form 8863 (Education Credits) should be ready for processing on Thursday, February 14, 2013. With the addition of these forms, e-filing...

IRS Warns of Phony Tax Scheme Abusing the American Opportunity Tax Credit

Individual taxes, Tax Scams

The IRS warned taxpayers today to be aware of a new scam targeting senior citizens and other taxpayers. As part of the scam, taxpayers are encouraged to file returns claiming the American Opportunity Tax Credit. The scammers mislead these taxpayers into believing...

Avoid the Tax Bite of Early Retirement Distributions

Individual taxes

With the burst of the housing bubble, many people don’t have the luxury of tapping the equity in their home to fund large purchases. What some have resorted to instead are early distributions from their retirement plans. Most people don’t realize the tax...

federal tax returns

Rules for Claiming Noncash Charitable Deductions

Are Social Security Benefits Taxable?

IRS Expands E-filing – adds additional forms

IRS Warns of Phony Tax Scheme Abusing the American Opportunity Tax Credit

Avoid the Tax Bite of Early Retirement Distributions

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