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Are you wondering if there’s a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there’s more to it than that. Taxable...

Are you one of the millions of Americans who haven’t filed (or even started) your taxes yet? With the April 15 tax filing deadline less than a week away, here’s some last minute tax advice for you. 1. Stop Procrastinating. Resist the temptation to put off your taxes until...

April 10 Employees who work for tips – If you received $20 or more in tips during February, report them to your employer. You can use Form 4070. April 15 Individuals – File an income tax return for 2013 (Form 1040, 1040A, or 1040EZ) and pay any tax due. If you...

If you, your spouse or dependents had significant medical or dental costs in 2013, you may be able to deduct those expenses when you file your tax return. Here are eight things you should know about medical and dental expenses and other benefits. 1. You must itemize. You deduct qualifying...

The amount of your income, filing status, age and other factors determine whether you must file a federal tax return. Even if you don’t have to file a tax return, there are times when you should. Here are five good reasons why you should file a return, even if...

Whether you’re self-employed or an employee, if you use a car for business, you get the benefit of tax deductions. There are two choices for claiming deductions: Deduct the actual business-related costs of gas, oil, lubrication, repairs, tires, supplies, parking, tolls, drivers’ salaries, and depreciation. Use the standard mileage...

One of the biggest hurdles you’ll face in running your own business is staying on top of your numerous obligations to federal, state, and local tax agencies. Tax codes seem to be in a constant state of flux making the Internal Revenue Code barely understandable to most people. The...

Confused about which credits and deductions you can claim on your 2013 tax return? You’re not alone. Here are six tax breaks that you won’t want to overlook. 1. State Sales and Income Taxes Thanks to the fiscal cliff deal last January, the sales tax deduction, which originally expired...

March 3 Farmers and fisherman – File your 2013 income tax return and pay any tax due. However, you have until April 15 to file if you paid your 2013 estimated tax by January 15, 2014.   March 10 Employees who work for tips – If you received $20 or more...

While many of the things you purchase and use in your daily work and professional lives don’t come with options, many do. Think about the last time you bought a car, for example. Did you request additional features for safety or convenience or aesthetic value? You can’t buy “extras”...

Under a joint IRS and U.S. Department of the Treasury ruling issued in 2013, same-sex couples, legally married in jurisdictions that recognize their marriages, are treated as married for federal tax purposes, including income and gift and estate taxes. The ruling applies regardless of whether the couple lives in...

Updated income-tax withholding tables for 2014 have been released by the IRS and supersede withholding tables issued in December 2013. The newly revised version contains percentage method income-tax withholding tables and related information that employers need to implement these changes. In addition, employers should continue withholding Social Security tax...