How Identity Theft Can Affect Your Taxes
Aug15

How Identity Theft Can Affect Your Taxes

Tax-related identity theft normally occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. Many people first find out about it when they do their taxes. The IRS is working hard to stop identity theft with a strategy of prevention, detection and victim assistance. Here are nine key points: Taxes. Security. Together. The IRS, the states and the tax industry need your help. We can’t...

Read More
4 Tax Tips about Hobbies that Earn Income
Aug09

4 Tax Tips about Hobbies that Earn Income

Millions of people enjoy hobbies. They can also be a source of income. Some of these types of hobbies include stamp or coin collecting, craft making and horse breeding. You must report any income you get from a hobby on your tax return. How you report the income is different than how you report income from a business. There are special rules and limits for deductions you can claim for a hobby. Here are four tax tips you should know if...

Read More
Summer Surge in Tax Phone Scams
Aug04

Summer Surge in Tax Phone Scams

The Internal Revenue Service warns taxpayers to stay vigilant against a summer surge in IRS impersonation phone scans that take the form of automated calls and new tactics from scammers demanding tax payments on iTunes and other gift cards. The IRS has seen an increase in “robo-calls” where scammers leave urgent callback requests through the phone telling taxpayers to call back to settle their “tax bill.” These fake calls generally...

Read More
Selling Your Home Can Impact Your Taxes
Aug02

Selling Your Home Can Impact Your Taxes

Usually, profits you earn are taxable. However, if you sell your home, you may not have to pay taxes on the money you gain. The IRS offers these ten tips to keep in mind if you sell your home this year. Exclusion of Gain.  You may be able to exclude part or all of the gain from the sale of your home. This rule may apply if you meet the eligibility test. Parts of the test involve your ownership and use of the home. You must have owned...

Read More