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Homeowners: Review House-Related Deductions and Programs

The summer months are a popular time to buy or sell a house. New homeowners should put reviewing the tax deductions, programs, and housing allowances they may be eligible for on their move in to-do list. Deductible house-related expenses: Most home buyers take out a mortgage loan to buy their home and then make monthly payments to the mortgage holder. This payment may include several costs of owning a home. The costs the homeowner can deduct are: state and local real estate taxes, subject Read more [...]
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Tax Considerations For People Who Are Separating or Divorcing

When couples separate or divorce, the change in their relationship status affects their tax situation. The IRS considers a couple married for tax filing purposes until they get a final decree of divorce or separate maintenance. Update tax withholding: When a taxpayer divorces or separates, they usually need to update their proper tax withholding by filing with their employer a new Form W-4, Employee's Withholding Certificate. If they receive alimony, they may have to make estimated tax payments. Tax Read more [...]
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Tips To Help Taxpayers Make Sure Their Donations Go To Legitimate Charities

When disaster strikes, Americans can always be counted on to help. That help comes in countless ways, but often the easiest way to help is by donating money to charities. Sadly, criminals are just as likely to answer the call after a disaster or emergency as the millions of people who open their wallets. Scammers solicit donations to fake charities and can pose as employees of legitimate charities or federal agencies to dupe disaster victims trying to get disaster relief. Although some legitimate Read more [...]
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Educational Assistance Programs Can Help Pay Workers’ Student Loans

Employers that offer educational assistance programs can also use those programs to help pay their employees’ student loans. Though educational assistance programs have been available for many years, the option to use them to pay student loans is available only for payments made after March 27, 2020. Under current law, this option will be available until Dec. 31, 2025. Traditionally, educational assistance programs have been used to pay for books, equipment, supplies, fees, tuition, and other Read more [...]
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Is Your Business Considered a Hobby by the IRS?

Are you running a business? Or just having fun with a hobby? The IRS has strict rules for determining the difference between a business and a hobby for tax purposes. While expenses incurred to conduct a business are deductible, expenses incurred for a hobby may not be, causing your taxes to increase. A person that conducts an activity for profit is allowed to deduct the expenses that are ordinary and necessary in that industry. If the expenses exceed the income, a loss is incurred. This loss Read more [...]