Gambling winnings should be reported as income on your tax return. You must itemize deductions to deduct gambling losses, and they can be deducted only up to the amount of any gambling winnings. If you are a casual gambler, these tax tips can help: See Publication 525, Taxable and Nontaxable Income for rules on this topic. … Read more
Certain energy-efficient home improvements can cut your energy bills and save you money at tax time. Here are some key facts that you should know about home energy tax credits: Non-Business Energy Property Credit Residential Energy Efficient Property Credit Use Form 5695, Residential Energy Credits, to claim these credits. For more on this topic refer to … Read more
The Internal Revenue Service has provided a self-certification procedure designed to help recipients of retirement plan distributions who inadvertently miss the 60-day time limit for rollovers into another retirement plan or individual retirement arrangement (IRA). In Revenue Procedure 2016-47, the IRS explained how eligible taxpayers, encountering a variety of mitigating circumstances, can qualify for a waiver of the 60-day … Read more
At the Austin, Texas Law Firm Of AttorneyBritt, our business formation attorneys will help you turn your vision of a healthy and thriving company into reality by providing you with the legal tools you need to thrive well beyond tomorrow. We can help in most areas including Step 1: Review And Select The Appropriate Type … Read more
Don’t panic if you haven’t done your taxes yet. There’s no time like the present to prepare and file your 2015 tax return. You can visit IRS.gov for help to make filing less taxing. 1. Don’t delay. Don’t wait until the last minute to do your taxes. If you rush to beat the deadline, you may miss … Read more
If you don’t have taxes withheld, or you don’t have enough tax withheld, you may need to make estimated tax payments. If you are self-employed you normally have to quarterly estimated tax payments. Here are five tips about making estimated tax payments: 1. When the tax applies. You should pay estimated taxes in 2015 if you expect to owe at least $1,000 … Read more
If you haven’t filed yet, the IRS has these 10 tax-time tips to help you. The April 18 deadline to file your federal tax return is less than two weeks away. Don’t wait until the last minute. 1. Gather your records. Make sure you have all your tax records. This includes receipts, canceled checks and other records … Read more