Tax Tips for Deducting Losses from a Disaster

Archive for June 2016

Tax Tips for Deducting Losses from a Disaster

If you suffer damage to your home or personal property, you may be able to deduct the losses you incur on your federal income tax return. Here are 10 tax tips you should know about regarding casualty loss deductions: Casualty loss. You may be able to deduct losses based on the damage done to your property…

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What is the Additional Medicare Tax?

Some taxpayers may be required to pay an Additional Medicare Tax if their income exceeds certain limits. Here are some things that you should know about this tax: Tax rate. The Additional Medicare Tax rate is 0.9 percent. Income subject to tax. The tax applies to the amount of certain income that is more than…

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What to do if you get a Letter from the IRS

Each year, the IRS mails millions of notices and letters to taxpayers for a variety of reasons. If you receive correspondence from the IRS here’s what to do: Don’t panic. You can usually deal with a notice simply by responding to it. Each notice has specific instructions. So, read your notice carefully, because it will…

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Tax Tips for Students with a Summer Job

Is your child a student with a summer job? Here’s what you should know about the income your child earns over the summer. Everyone fills out a Form W-4, Employee’s Withholding Allowance Certificate, when starting a new job. This form is used by employers to determine the amount of tax that will be withheld from…

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A Name Change Could Affect Your Taxes

Did you know that a name change could impact your taxes? Here’s what you need to know: Report name changes. Did you get married and are now using your new spouse’s last name or hyphenated your last name? Did you divorce and go back to using your former last name? In either case, you should…

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