Is It a Business or a Hobby?
You sold your tomatoes at the farmer’s market, but is your garden considered a business or a hobby? It’s complicated. Read this week’s Tax Tip for more.
Tax Strategist: Substantiation Requirements for Cash Charitable Donations
If you plan to take charitable deductions on your taxes, note the IRS requires written substantiation of your donation. For more, read this week’s Tax Tip.
Five Year-End Tax Planning Considerations
You have a about two months to make moves to improve your tax situation for 2011. Read this week’s Tax Tip for five year-end moves.
Tax Tip: Large estates, opting out of the estate tax, have until Tuesday, January 17, 2012, to file Form 8939
Large estates, opting out of the estate tax, have until Tuesday, January 17, 2012, to file Form 8939. Read this week’s Tax Tip for more information.
Tax Strategist: Don’t Overlook the Small Employer Health Insurance Credit
If you are an eligible small employer or a tax-exempt eligible small employer, you may qualify for the small employer health insurance premium credit.
Next Year’s Tax Refund May Be Lower
Expecting a tax refund? Before you mentally spend it, learn about two tax changes for 2011 may lower your refund in this week’s Tax Tip.
How Long Are You on the Hook for a Tax Assessment?
What is the statue of limitations for the IRS to question your tax return? As with all things tax, it depends. Read this Tax Tip for more information.
Your Broker’s 1099 Statement Will Be Different for 2011
In 2011, you will see your adjusted cost basis on your 1099-B Proceeds From Broker and Barter Exchange Transactions form. Find out what this means to you.
Sales Tax on Home Sales Rumor
A sales tax on home sales? You’ve likely read a lot of misinformation. We explain the new tax and who it affects in this week’s tax tip.
Tax Strategist: How Much Do I Need to Put Aside for Retirement?
A frequently asked question is, “How much do I need to put aside for retirement?” The answer to that question varies with each individual. There a number of factors to consider: the amount of your current income, savings and assets; how many years until you plan to retire; the retirement lifestyle you desire, and what you can afford to put aside.