Are you considering purchasing a first home? If you are, you may be wondering if buying a home will help or hurt your tax liability next year. The good news is that most homeowners can take advantage of several tax deductions when they buy or refinance a house. First-time homebuyers in particular may be eligible for substantial tax breaks. Here's a primer on how buying a first house will affect your taxes.
The IRS reports that the number of income tax fraud cases is going up each year. Fraudsters often try to get personal information from individuals and then use that data to commit identity theft. Since scam artists may use tactics that appear to be legitimate, it's wise for individuals to learn what to do if they become victims of a tax scam.
According to the IRS, many income tax refunds go unclaimed each year. There are several reasons why these refunds may be unclaimed, but with the following four tips, you can make sure you receive the money you're entitled to next year!
Moving to a new home can be a stressful experience. After you finish finding boxes, packing everything up, and unloading it all, the tax impact of your move may be the last thing on your mind. In some situations, though, moving to a new residence can actually increase your tax refund. If you meet the IRS requirements, you can deduct moving expenses on your tax return.
Football season is almost here, which means it's time to break out those fantasy football picks! Fantasy sports, including fantasy football and fantasy basketball, are extremely popular with sports fans. These programs allow fans to create their own teams, manage their own rosters, and compete against their real-life and online friends for cash and prizes.
Retired taxpayers who receive Social Security benefits are often exempt from federal income tax on their benefits. However, in some cases, individuals may have to pay tax on part of their benefits. In addition, those who receive Social Security benefits may still be liable for federal income tax on other types of income, such as retirement distributions and bank interest.
As fall approaches, many families head out to buy back to school items. With the cost of school clothes, supplies, and books, sending a child back to class in the fall can put a real dent in a family's budget. Instead of spending more money than you need to this year, check out these three back to school savings tips for families!
If you've ever tried to call or write the Internal Revenue Service, you may have experienced extremely long wait times before you reached a representative or received a written response. Since the IRS is responsible for processing tax returns for individuals and corporations, as well as enforcing tax law and answering tax-related questions, the agency's customer service line is often very busy. To avoid frustration when you're trying to reach the IRS, you'll want to know the best way to contact the agency.
Do you owe an outstanding tax balance to the Internal Revenue Service? Taxpayers who are in arrears on their tax payments may be at risk for losing their assets in an IRS seizure. In some cases, this could even include an automobile, particularly if the vehicle has a great deal of value. Here's a look at when and how the IRS could seize an automobile from a taxpayer.
