Hobby Loss: Not just horse racing
Feb 01, 2018
Some activities have been associated with the idea of a tax shelter for wealthy taxpayer. These are commonly understood to be in danger of challenge from the IRS for hobby loss disallowance. However, ...
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IRS Hobby Loss Deductions Rules
Jan 06, 2018
Under IRC § 162, ordinary and necessary business expenses are generally deductible if they result from a trade or business. Similarly, under § 212, expenses relating to the production of income or to ...
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Save Money with the Child Tax Credit
Feb 21, 2013
If you have a child under age 17, the Child Tax Credit may save you money at tax-time. Here are some facts the IRS wants you to know about the credit.
Amount. The non-refundable Child Tax Credit may...
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The IRS "Free File" allows you to file your 1040 Income Taxes online for free
Feb 01, 2013
Using IRS Free File, you can prepare and e-file your federal taxes on brand-name software for free. The program is a partnership between the IRS and the Free File Alliance, a group of about 15 private...
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Four Things to Know About Bartering
Feb 17, 2012
The IRS has announced a reminder about income taxes for bartering of goods and services.
In todays economy, small business owners sometimes save money through bartering to get products or services t...
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Seven Tips to Help You Determine if Your Social Security Benefits are Taxable
Feb 08, 2012
The IRS has announced seven ways to determine if your social security benefits are taxable.
Many people may not realize the Social Security benefits they received in 2011 may be taxable. All Social Sec...
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What to Do If You Are Missing a W-2
Jan 31, 2012
The IRS has announced some things that you can do if you are missing a W-2.
Make sure you have all the needed documents, including all your Forms W-2, before you file your 2011 tax return. You should ...
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IRS Offers Top 10 Tax-Time Tips
Jan 03, 2012
The IRS has published suggestions on good ways to prepare to file your taxes. The income tax filing season has begun and important tax documents should be arriving in your mailbox. Even though your ret...
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Six IRS Year-End Tips to Reduce 2011 Taxes
Dec 21, 2011
The IRS wants to remind all taxpayers that with the New Year fast approaching, there is still time for you to take steps that can lower your 2011 taxes. However, you usually need to take action no late...
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Home Energy Tax Credits Available for 2011
Nov 21, 2011
The IRS reminds homeowners that they still have time this year to make energy-saving and green-energy home improvements and qualify for either of two home energy credits.
The Nonbusiness Energy Proper...
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