Taxability of hobby activities

Here are ten tax tips you should know about hobbies: Taxability of Hobby Income.  You must report as Miscellaneous Income on your personal income tax return, Form 1040, all income you earn from a hobby, regardless of expenses incurred to … Continue reading →

Ten things to know about the Taxpayer Advocate Service

1. The Taxpayer Advocate Service (TAS) is an independent organization within the IRS and is your voice at the IRS. 2. It helps taxpayers whose problems are causing financial difficulty. This includes businesses as well as individuals. 3. You may be eligible … Continue reading →

Top Ten Major Donor Fundraising Trends for 2014-2015

For our nonprofit clients, here is a link to an excellent article on the Top Ten Major Donor Fundraising Trends for 2014-2015.  This article was published on GuideStar.  We are not affiliated in any way with GuideStar and are not … Continue reading →

Ten tips if you owe taxes

If you owe federal taxes that were not paid there are ten things you should know about what to do: Pay your tax bill in full as soon as possible. When you have a balance due on a tax return or … Continue reading →

Phone & Internet Scams re IRS

Based on the 90,000 complaints that the Treasury Inspector General for Tax Administration (TIGTA) has received through its telephone hotline, to date, TIGTA has identified approximately 1,100 victims who have lost an estimated $5 million from scams originating as unsolicited calls … Continue reading →

Job Hunting Expenses

Many people change their job in the summer. If you look for a new job in the same line of work, you may be able to deduct some of your job hunting costs. Here are ten tax facts you should … Continue reading →

Taxpayer Bill of Rights

BACKGROUND: A taxpayer survey conducted for the Taxpayer Advocate Service (TAS) in 2012 found that fewer than half of U.S. taxpayers believe they have rights before the IRS, and only 11 percent said they know what those rights are. On … Continue reading →

Top ten tax benefits to military personnel

Special tax benefits apply to members of the U. S. Armed Forces. For example, some types of pay are not taxable. And special rules may apply to some tax deductions, credits and deadlines. Here are ten of those benefits: Deadline … Continue reading →

Expenses incurred on behalf of a qualified charity are deductible

You may not deduct the value of your services donated to charity, but you may deduct out-of-pocket costs you incur in the process of donating services.  All out-of pocket costs must be: unreimbursed, directly connected with the services, expenses you … Continue reading →

Reporting changes in status when receiving health insurance premium tax credit

Important note about the Premium Tax Credit. If you receive advance payment of the Premium Tax Credit in 2014 it is important that you report changes in circumstances, such as changes in your income or family size, to your Health … Continue reading →