If you are selling your main home this summer or sometime this year, here are some helpful tips from the IRS. Even if you make a profit from the sale of your home, you may not have to report it as income.
Here are 10 tips from the IRS to keep in mind when selling your home. [Read More...]
26. August 2013 23:45
Author: Khemari Cook
In some areas of the country it is more likely that someone lives in one state while working in another. This is most common in cities that are very near state boarders. Living and working in two different states can pose a tax dilemma. It may difficult to determine which state to pay taxes in and where you to report your income. There are two ways to report your income and it depends on whether or not the state you live in has a reciprocity agreement with the state that you work in [Read More...]
The W-4 is an IRS form you complete in order to let your employer know how much money to withhold from your paycheck for federal taxes. Accurately completing your W-4 can ensure you do not owe a large amount come tax time and can help prevent you from overpaying, giving you more money throughout the year. [Read More...]
It’s about time for college students to begin a new semester. This often involves applying for financial aid or student loans to cover tuition costs. Some lenders and universities ask that the student provide proof of income via a copy or transcript of the most recent tax return filed by the student or parent. If you do not have this information, you may request it from the IRS. [Read More...]
The IRS has amended its “first time abate” policy. This policy provides a one-time consideration of penalty relief for any taxpayers who have been subjected to a first-time penalty charge based on the taxpayer’s previous compliance. [Read More...]