Online Tax Filing Blog

The Official Blog of Tax Software


Do I have to claim tips on my tax return?

Do you receive tips as part of your job? Did you know, all tips you receive are income and are subject to federal income tax? You must include in your gross income on your tax return all tips you receive directly, charged tips paid to you by your employer, and your share of any tips you receive under a tip-splitting or tip-pooling arrangement. [Read More...]

Can I deduct the Mortgage Interest Deduction?

One of the most confusing tax breaks for taxpayers is the mortgage interest tax deduction. If you were one of the many taxpayers this year that were eligible to deduct mortgage interest but did not, you left a lot of money on the table by overpaying your taxes. It is important to know who is and who is not eligible for the mortgage interest tax deduction, so that you can save yourself some money or stay out of trouble with the IRS for a claimed deduction that you do not qualify for.

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Attention Farmers: Livestock Deferment Extended

Farmers, if you have deferred the gain on livestock sales because of the recent drought conditions, the IRS has extended the replacement period due to the continuing drought. Farmers and ranchers, whose sale replacement period was set to expire on December 31, 2012, will get another year. [Read More...]

Special Rules for Claiming a Tax Deduction for Donating Clothing, Household Items, Cars, Boats, and Airplanes

Last week, we talked about how charitable contributions may help you reduce your tax obligations. In the article “Your Support Of A Qualified Charity May Provide You With A Money-Saving Tax Deduction”, we said that there were certain contributions that are subject to special rules when you file your deduction.This week we will discuss the special rules for deducting charitable contributions of clothing and household items, and a car, boat or airplane.

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October 15, 2012 Is The Tax Extension Deadline

The IRS has indicated that many of the more than 11 million individual taxpayers who requested an extension to file their 2011 tax return have yet to file. If you requested a Federal tax-filing extension, you will need to submit your return to the IRS by Monday, October 15th. Some taxpayers have more time,including taxpayers with extensions in parts of Louisiana and Mississippi affected by Hurricane Isaac, who have until January 11, 2013, to file and pay. Double check your tax returns for any over-looked tax benefits, and then e-file your return using Before filing, take a moment and see if you can qualify for often-overlooked tax credits and deductions for low and moderate income workers and families, that can help you get a larger tax refund. [Read More...]
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