technology has made it easier than ever to store tax records securely. The key is understanding what your tax record storage options are and which ones are the best for your particular situation. With some storage options, you'll be able to keep your information protected, even if your home or computer suffers serious damage.
Do you think that you might owe additional taxes to the IRS? Have you wondered about how you can settle a back tax debt? Well, in some cases, it may actually be a good idea to call the IRS and inquire about your situation. Here are a few tips for contacting the IRS and settling your tax bill.
Getting laid off from your job can be an extremely difficult thing to deal with. But finding out that you may have to deal with an unexpected tax bill can make it worse. Here are a few pointers about layoffs and taxes you'll want to keep in mind as you manage your time between jobs.
Most surprises, such as surprise parties, surprise gifts, and surprise reunions, are pleasant experiences. A surprise tax bill, though, is usually an unpleasant event. Many taxpayers receive income from sources they mistakenly believe are tax-free, so receiving a larger tax bill at the end of the year can be quite an unwelcome surprise. Here are a few income sources that you may be surprised to learn are taxable.
The Affordable Care Act, or ACA, goes into effect on January 1, 2014. Most people are aware that the ACA requires all U.S. citizens to purchase health insurance, but they may not know the way that the provisions of the ACA may affect their income tax liability. Tax professionals who will be preparing tax returns for 2013 will not have to deal with the implications of the ACA yet, since the law will affect returns in the 2014 tax year and after. However, understanding the Affordable Care Act can help preparers to offer advice and suggestions to their clients.
College graduates and students who are repaying their student loans may qualify to claim a tax deduction for the interest they pay each year. Many student loans are subsidized by the federal government to give students a tax incentive to return to college. While the payments for the loans themselves are not tax-deductible, the interest may be. This can be used on both subsidized and unsubsidized loan interest.
Members of the United States Armed Forces and their families may be eligible for tax deductions and savings under the Military Family Tax Relief Act. This provision was specially designed to provide financial assistance to military personnel, especially assistance that allows them to take advantage of additional tax credits because of the itinerant nature of their work. To claim these provisions, though, members of the military should become familiar with all the benefits they may qualify for.
The Internal Revenue Service has allowed for disabled taxpayers to receive several breaks, deductions, and credits on their income tax returns. In some cases, these credits are available simply because taxpayers meet certain standards regarding age and disability. Some other tax breaks must exceed a certain amount or be used for a specific purpose in order to be considered qualified expenses.
Taxpayers who own rental property are subject to special tax considerations when it comes to reporting their rental income. The good news is that the agency allows these taxpayers to claim several expenses as tax deductions against this income so that they can reduce their taxable gain. In order to take advantage of these deductions, taxpayers must keep good records of their income and expenses to document their claims. Here are a few rental income tips to help taxpayers keep up with their obligations to the IRS.
In 2010, the U.S. government instituted a new excise tax that applied only to establishments that provide indoor tanning. This additional charge, called the Indoor Tanning Services Excise Tax, took effect on July 1, 2010, and was part of a government program to increase revenue and discourage the practice of indoor tanning, which has been shown to pose substantial health risks. Establishments that offer indoor tanning are now required to submit a 10 percent tax based on their revenues from their businesses.
