Latest Tax News
Ten Facts That You Should Know about Capital Gains and Losses
When you sell a capital asset the sale results in a capital gain or loss. A capital asset includes most property you own for personal use or own as an investment. Here are 10 facts [...]
Taxable or Not – What You Need to Know about Income
All income is taxable unless the law excludes it. Here are some basic rules you should know to help you file an accurate tax return: Taxed income. Taxable income includes money you earn, like wages [...]
Taxpayer Bill of Rights: #4, The Right to Challenge the IRS’s Position and Be Heard
Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the Internal Revenue Service. The “Taxpayer Bill of Rights” takes the multiple existing rights embedded in the [...]
How to Recognize Bogus IRS Phone Calls and Emails
Tax scams take many different forms. Recently, the most common scams are phone calls and emails from thieves who pretend to be from the IRS. They use the IRS name, logo or a fake website [...]
Tips Versus Service Charges: How to Report
The Internal Revenue Service reminds employers that automatic gratuities are service charges, not tips. Employers should make sure they know the difference and how they report each to the IRS. What are tips? Tips are [...]
Five Key Facts about Unemployment Benefits
If you lose your job, you may qualify for unemployment benefits. The payments may serve as much needed relief. But did you know unemployment benefits are taxable? Here are five key facts about unemployment compensation: [...]
Taxpayer Bill of Rights: #5, The Right to Appeal an IRS Decision in an Independent Forum
Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the Internal Revenue Service. The “Taxpayer Bill of Rights” takes the multiple existing rights embedded in the [...]