Texas storm victims, including those in the Houston area, will have until Sept. 1, 2016 to file their returns and pay any taxes due, the Internal Revenue Service announced today. All workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization also qualify for relief. Read More
These days a lot of Americans find themselves pounding the pavement in quest of a new job, whether they’ve gotten the pink slip or expect to get one soon. The good news: The search may help you cut your tax bill because under certain circumstances, job-hunting expenses are tax deductible. New job, same field… First, your hunt for new work must be in the same field in which you’re currently or were formerly employed. Uncle Sam won’t help out if you decide to totally switch career gears. Second, you can’t decide to chill out for a while and then expect the Read More
For any month during the year that you or any of your family members don’t have minimum essential coverage and don’t qualify for a coverage exemption, you are required to make an individual shared responsibility payment when you file your tax return.
Here are six things to know about this payment:
1.You are not required to make a payment if you had coverage or Read More
The Affordable Care Act requires you and each member of your family to have minimum essential coverage, qualify for an insurance coverage exemption, or make an individual shared responsibility payment for months without coverage or an exemption when you file your federal income tax return.You, your spouse or your dependents may be eligible to claim an exemption Read More
All income is taxable unless a law specifically says it isn’t. Here are some basic rules you should know to help you file an accurate tax return:
Taxable income. Taxable income includes money you earn, like wages and tips. It also includes bartering, an exchange of property or services. The fair market value of property or services received is normally taxable…. Read More
The individual shared responsibility provision requires you and each member of your family to have health care coverage, have an exemption from the coverage requirement, or make an individual shared responsibility payment for any month without coverage or an exemption when you file your federal income tax return. Read More
If you receive Social Security benefits, you may have to pay federal income tax on part of your benefits. These tax tips will help you determine if you need to pay taxes on your benefits.