Getting rid of an old car can seem difficult. If it’s not in the best shape, you may be reluctant to sell it to someone because you’re concerned it may break down and they’ll come back to you complaining. Of course, you probably don’t want to pay someone to just haul it away. Another option is to donate the vehicle...
Tags: donation of a car
Category: Taxes
Have you ever wondered about the taxability of funds or services you receive? There are many areas in the tax code that cause confusion regarding what’s taxable. These are some of the most common. Alimony. Alimony is taxable to the person who receives it and deductible to the person who pays it. Special rules apply. Make sure you have proper...
Tags: Taxable items
Category: Taxes
If you itemize deductions on your tax return, you may be able to deduct certain miscellaneous expenses. You may benefit from this because a tax deduction normally reduces your federal income tax. Here are some things you should know about miscellaneous deductions: Deductions Subject to the Two Percent Limit. You can deduct most miscellaneous expenses only if they exceed two...
Tags: misc deductions
Category: Taxes
Gambling winnings and losses can affect your tax bill From time to time, some of you are lucky enough to win a shilling or two at your local casino, the track, or your state lottery. How will that gambling income impact your taxes? All gambling winnings are taxable. This is true for cash winnings and for the fair market value...
Millions of taxpayers receive refunds each year. Will you be among them? Most of us will happily accept our tax refund checks, because we can usually use the money. However, it’s important to understand that refunds actually cost you money. Here’s why: * The government pays no interest on refunds. Kept in your hands, those dollars could have been productive....
April 18 is both the day individual income tax returns for 2016 are due and the due date for the first estimated tax payment for 2017. So, even as you finalize, file, and pay your 2016 federal income taxes, you might need to be thinking about how much you’ll owe for 2017. If you’re required to make estimated payments, missing...
Tags: estimated payments
Category: Taxes
If you own foreign assets or have signature authority over certain foreign accounts, you also have extra filing requirements. For example, Part III of Schedule B, the form where you report interest and dividends, has questions you might need to complete about foreign accounts and trusts. You may also need to file Form 8938, Statement of Specified Foreign Financial Assets,...
Tags: Foreign Accounts
Category: Taxes