Have you recently found a new job? Are you currently looking for work? If so, you may be able to deduct your expenses on your tax return. First, let’s make sure you do not fall into any of the following categories. If you do, you will not be able to deduct your expenses. You are… Continue Reading…
Deducting Moving Expenses
So, it appears that you are moving or have already moved. First let me say congratulations on your move as it usually comes with some good news about a promotion, new job, etc. Second I want to let you know that you may be eligible to deduct your expenses on your tax return. The first… Continue Reading…
IRS Standard Mileage Rate For 2012
The 2012 IRS mileage rates are as follows: 55.5 cents per mile for business purposes 23 cents per mile for medical or moving expenses 14 cents per mile in service of a charitable organization Business Purpose Miles Business purpose miles are defined in IRS Publication 17 and include the following: Getting from one workplace to another… Continue Reading…
Reporting Gambling Winnings and Losses
Congratulations! You’re probably here because you won some type of prize, lottery, or game of chance. You’re also here because you now realize that Uncle Sam needs his share of your winnings. Gambling Winnings Gambling winnings are reported on line 21 of the 1040 (other income). Many taxpayers incorrectly believe that they only have to… Continue Reading…
Mental Note: Don’t Bribe IRS Agent With Pizza and Cash
Recently, I applied for a position with the IRS as a Revenue Officer. It wasn’t until after I read what they do that I decided that it wasn’t for me. Basically, a Revenue Officer is the Government’s bill collector. They are the ones on the front line that go to businesses and individuals to collect… Continue Reading…
Nine Common Mistakes Made on 2008 Tax Returns
The IRS just released a list of the 9 most common mistakes on recently filed tax returns. Make sure you check each one of these as you send in your taxes over the next few days. 1. Recovery Rebate Credit Many returns filed in 2009 have errors involving the Recovery Rebate Credit, a credit for… Continue Reading…
IRS Has $1.3 Billion For People Who Have Not Filed a 2005 Return
According to the IRS, there are around $1.3 billion in unclaimed refunds from the 2005 tax year. These unclaimed funds are for individuals who did not file a tax return in 2005. Due to the three-year look back, individuals have until April 15th, 2009 to claim these refunds or they may be gone for good.… Continue Reading…
Tax Trouble Tuesday – Willie Nelson
Every so often, I will be looking at a different person who has been in the news (past or present) for tax troubles. Maybe they forgot to file, felt entitled not to pay or skipped town. Either way, they have been careless with their taxes and had to face the wrath of the IRS. Willie… Continue Reading…
How Long Should You Keep Tax Documents?
One of the most frequently asked tax question is how long you must keep tax documents. You want to know the answer? It depends. Isn’t that the answer to everything these days? Anyway, here are some general rules for keeping your records straight with the IRS. Three Years Might Be Enough Most tax documents can… Continue Reading…