Looking for a new job? Did you know you may be able to write-off certain job hunting expenses?
You have done a great thing by donating to your favorite charity. You are helping others in desperate need of help. You feel good about the donation. On top of it all, you can deduct the donation on your IRS tax return. Here are 5 tax tips for deducting charitable contributions on your IRS tax return.
Going to the casino and winning big is an adrenaline rush. This is especially true if you gamble regularly. But it’s not fun to pay taxes on the winnings. Gamblers know that all winnings are taxable. However, most people do not report their winnings unless he or she wins more than $1,200. $1,200 is the threshold of when the casino must report your winnings to the IRS on Form W-2G, Certain Gambling Winnings. If you gamble regularly, you could save on taxes by keeping a daily record of your gambling winnings and losses.
You are working hard on your college education. The costs for tuition and books are expensive. To help you with the cost of college, there are IRS tax breaks available to you.
For years you contributed money to a 401K or IRA. Your employer may have matched your contributions. You now have a good chunk of money saved up in your retirement. Then something happens in your life and you need money. One thought is to withdraw money out of your retirement. But, there are tax consequences. What to do?
We review the top 5 IRS tax deductions for parents.
In our previous article, we reviewed the advantages and disadvantages of hiring independent contractors compared to employees. Small business will want to treat all workers as independent contractors. It is less expensive and less work. Conversely, workers prefer to be treated as employees. The worker will pay less tax and it is less hassle. The small business and the workers have conflicting interest.
Small businesses decide how to treat workers, employees or independent contractors. This decision has major impacts to both the small business and the worker. For the business, it is less work and less expensive to hire an independent contractor. For the worker, it is less work and less expensive to be treated as an employee.
Tax Question: What are the tax laws on bartering? How do you determine when something is a barter that should be taxed?
Tax Question: Do I need to collect Michigan Sales Tax on caterings?