If you have to buy a smart new suit for your paralegal job or uniforms for your National Guard duties, it might seem these are obvious work expenses and valid tax deductions. Not necessarily, according to the Internal Revenue Service (IRS). Work clothes
Knowing the IRS rules behind charitable contributions can help you save money. Lisa Greene-Lewis, CPA and TurboTax tax expert, explains what you need to know.
U.S. citizens pay federal income taxes to the Internal Revenue Service (IRS), a branch of the United States Treasury. In addition, many states have an additional state income tax. If your state does not charge an income tax, you may still be required to pay other types of taxes. This ...
, washed away by the credit memo, which Also Shows. You use CM to have all this controlled by date, appear to affect Sales reporting, and if you need it to, you also get to control how this affects Sales Tax reporting. Set the date on the Credit memo = your d...
Businesses that create or merchandise products count on selling their inventories at a profit -- that is, at a price that exceeds the cost of acquisition. Sometimes, things don’t work out as planned and you have to write off inventory that is damaged, s
Make sure the information you provide to the unemployment office is accurate.For instance, your dates of employment. “If your dates do not match the employer's records, which are submitted for tax and other legal requirements, it creates confusion, delays and possibly a dismissal for your clai...
Any participation in a gambling activity will result in either a win or a loss. Gambling winnings are always taxable, and whether from a casino, a lottery or a contest, the IRS will get its share of taxes due.
Retirement savers only have to understand a few basic rules to enjoy the tax benefits of qualified retirement accounts. Key Takeaways Avoid early withdrawals from retirement accounts like IRAs and 401(k)s which carry tax penalties. Consider taking some withdrawals before age 73 to minimize future ...
You're classified as a self-employed worker when you drive for Uber. That means Uber doesn't withhold taxes for you. It's also your responsibility to pay your ownSelf-Employment Tax. But, being self-employed also means you can write off many costs that W2 workers can't. This can inclu...
That could go a long way toward helping to pay today's bills without selling off securities. Dividends paid in a Roth IRAare not subject to income tax.2 Retired investors shouldn't shy away from classic dividend growth stocks likeProcter & Gamble(PG). These stocks will increase dividend inco...