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How do I qualify for Education Credit?

This interview will help you determine if you're eligible for certain educational credits or deductions including the American Opportunity Credit, the Lifetime Learning Credit, and the Tuition and Fees Deduction. There's an additional requirement for a taxpayer identification number (SSN or ITIN) to be valid for claiming the American Opportunity Tax Credit. The "Protecting Americans…
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Hobby Income vs Income from ‘For-Profit’ Business

Anyone who is running a business, generally, does so mainly for earning profits. Well, one may be running it ‘only’ for earning profits. And rightfully so! Such an individual would well be aware that he is required under the state law to do proper accounting for tax purposes. He is required to maintain proper records…
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Are My Social Security Benefits Taxable?

The Social Security benefits you received in 2010 may be taxable. You should receive a Form SSA-1099 which will show the total amount of your benefits. The information provided on this statement along with the following seven facts from the IRS will help you determine whether or not your benefits are taxable. How much –…
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What can I deduct from my taxes?

You should track every business expense and comb over them Keens Tax at the end of the year to ensure you only take legitimate deductions, both to minimize your risk of audit and to have the documentation in place in case the IRS ever comes knocking. Possible Deductions for Taxes Accounting fees Advertising Amortization Auto expenses Bad…
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