Keep Track of Miscellaneous Deductions

Archive for October 2016

Keep Track of Miscellaneous Deductions

Miscellaneous deductions, such as certain work-related expenses you paid for as an employee, can reduce your tax bill, but you must itemize deductions when you file to claim these costs. Many taxpayers claim the standard deduction, but you might pay less tax if you itemize. Here are some tax tips that may help you reduce…

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Lending Money to a Friend? It Pays to Plan Ahead

Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road. Take a look at this example: Let’s say you decide to loan $5,000…

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Tax Tips for Hobbies that Earn Income

Millions of people enjoy hobbies such as stamp or coin collecting, craft making and horse breeding, but the IRS may also consider them a source of income. As such, if you engage in a hobby that provides a source of income, you must report that income on your tax return; however, taxpayers (especially business owners)…

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Choosing the Right Business Entity

When you decide to start a business, one of the most important decisions you’ll need to make is choosing the right business entity. It’s a decision that impacts many things–from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal liability you face. Forms of…

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Seeking Job Security? Look to Nonprofit Careers

Written by Peter Kennedy, Director, for The Delaware Business Times When Danny Noonan bemoaned his prospects for affording college to Judge Smails, the classic response was “Well, the world needs ditch diggers too.” That was Caddyshack in 1980; if a 2013 study on how vulnerable jobs are to being mechanized or computerized out of existence…

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IRS Warns of Fake Tax Bill Emails

Numerous reports of scammers sending fraudulent CP2000 Notices for tax-year 2015 have been received by the IRS, resulting in an investigation by the Treasury Inspector General for Tax Administration. The notice relates to the Affordable Care Act (ACA) and requests information regarding 2014 coverage. It also includes a request for payment of unpaid taxes. Here’s…

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