The IRS says “all worldwide income” is taxable. What does it mean? It means if you find a $10 bill on the sidewalk, the IRS wants you to include it on your taxes. Good ole Line 21 of Form 1040. What else goes there? Barter income (so if you do work for someone and they […]
This begins December 1, 2016. The change to who gets paid overtime is coming up soon. Hourly workers get paid overtime regardless. Salaried employees who exceed 40 hours per week are the ones that may be affected depending on their salary amount. Big change coming. It’s a pretty big change in the rules concerning paying […]
Good news. If you itemize your deductions on your tax return (and you want to do this if the total of your itemized deductions exceed your standard deduction) you can claim a deduction for the fair market value of the goods that you donate to a qualified charitable organizations. Get proof of the donation. A door […]
Those of you who have applied for financial aid through the Department of Education know how frustrating it can be. Well, the application process will be slightly easier starting with the 2017-2018 academic year. Previously, the figures the applicant would enter on the FAFSA form would be pulled from the tax return from the previous year. For […]
The exclusion is on your principal residence. You must have lived in it for at least 2 out of the last 5 years. Compare the cost of the home plus the large improvements you made with the sales price, less the costs to sell the home. This is your gain or loss. Unfortunately, the loss […]
There is a federal tax credit of up to $7,500 for All-Electric & Plug-In Hybrid cars. The credit varies based on the vehicle. Here is a list of vehicles, credit amounts, and requirements. Form 8936 is used to claim the credit. The credit begins to phase out for vehicles at the beginning of the 2nd […]
Well it’s that time of year. School is about to start. To help get you spending your money there is a tax break this weekend. Here is the info from the Ohio Department of Taxation. Highlights: It’s pretty much all day this Friday, Saturday, and Sunday (August 5th-August 7th) What’s covered: Items of clothing costing […]
Beware of a new scam people are using. They may call you and say you owe taxes on purchases of gift cards and Itunes purchases. HANG UP!!!! It’s NOT real. Here is the IRS advisory on his scam as well as info on some of the other current phone scams. Never give personal info over the […]
