Tag Archives: Taxes

Tips to Keep in Mind on Income Taxes and Selling a Home

IRS Summertime Tax Tip 2017 Homeowners may qualify to exclude from their income all or part of any gain from the sale of their main home. Below are tips to keep in mind when selling a home: Ownership and Use. To claim the exclusion, the homeowner must meet the ownership and use tests. This means…
Read more

What is the Child Tax Credit?

This credit is for people who have a qualifying child. It can be claimed in addition to the Credit for Child and Dependent Care expenses Publication 972, Child Tax Credit Schedule 8812, Child Tax Credit Ten Facts about the Child Tax Credit The Child Tax Credit is an important tax credit that may be worth…
Read more

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…
Read more

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 –…
Read more

Visit Us On FacebookVisit Us On Linkedin