WASHINGTON — Following the emergence of new variations of widespread tax scams, the Internal Revenue Service today issued another warning to taxpayers to remain on high alert and protect themselves against the ever-evolving array of deceitful tactics scammers use to…
2015 Legislative Session: Significant Changes Made to Business Tax Structure
2015 Legislative Session: Significant changes made to business tax structure On July 1, the tax landscape for Nevada’s businesses changed. The biggest change was implemented by Senate Bill 483, which will impose a so-called ”Commerce Tax” and raises State business…
8 Facts on IRS Penalties
When it comes to filing a tax return – or not filing one – the IRS can assess a penalty if you fail to file, fail to pay or both. Here are eight important points this office wants you to know…
Independent Contractor or Employee Which are you?
For federal tax purposes, this is an important distinction. Worker classification affects how you pay your federal income tax, social security and Medicare taxes, and how you file your tax return. Classification affects your eligibility for employer and social security and…
Six IRS Tips for Year-End Gifts to Charity
Many people give to charity each year during the holiday season. Remember, if you want to claim a tax deduction for your gifts, you must itemize your deductions. There are several tax rules that you should know about before you…
5 Important Tips on Gambling Income and Losses
Whether you roll the dice, bet on the ponies, play cards or enjoy slot machines, you should know that as a casual gambler, your gambling winnings are fully taxable and must be reported on your income tax return. You can…
Spring Cleaning Your Tax Records
What should you keep? What can you toss? How should your store information? These and other questions about recordkeeping perennially arise around tax time. Here are some guidelines to help you keep only what you need. Why keep records? You…
Facts About Mortgage Debt Forgiveness
If your lender cancelled or forgave any of your mortgage debt, you generally have to pay tax on that amount. But there are exceptions to this rule for some homeowners who had mortgage debt forgiven in 2013. 1. Cancelled debt…
7 Tax Tips for Job Seekers
Many taxpayers spend time during the summer months updating their resume and attending career fairs. Here are seven things this office wants you to know about deducting costs related to your job search: 1. To qualify for a deduction, the expenses…
9 Tips for Charitable Donations
If you make a donation to a charity this year, you may be able to take a deduction for it on your tax return. Here are the top nine things this office wants every taxpayer to know before deducting charitable…