Personal Finance and Tax Tips You Can Actually Use. It’s how we ACT.
TaxACT’s Weekly Favorites: June 14, 2013 Tax Deductible Donation Rules via Bankrate Just what is tax-exempt status? As the name indicates, it means organizations granted such status by the Internal Revenue Service don’t have to pay taxes on any profits. Continue reading… Listen to Your Father! Old-School Money Tips for Today via Credit.com This month [...]
What’s considered taxable income? Just about anything you can think of, according to this list on the IRS website. However one thing you will find notably absent are credit card rewards. At least for now, but will that soon change? The reason credit card rewards have typically not been counted as taxable income is because [...]
TaxACT’s Weekly Favorites: May 17, 2013 Where The Mortgage Deduction Really Pays via CNN Money The mortgage interest deduction is one of the most expensive tax breaks on the books, but its benefits are distributed unevenly across the country, according to a new report by the Pew Charitable Trusts. Continue reading… Family Loans: Does The IRS [...]
You might lend your kids money from the time they are little – to buy a bicycle, to get that first car, or to buy a house. Does the IRS have anything to do with these family loans? For small loans, the answer is “no.” The IRS isn’t concerned with most personal loans to your [...]
Weekly Favorites: May 10, 2013 Online Sales Tax closer via Bankrate Collection of sales tax on all online purchases is halfway done. On May 6, the Senate passed the Marketplace Fairness Act, which would force online retailers nationwide to collect sales tax on purchases based on the rates in the buyer’s home city, county and [...]
Surprise – Mom and Dad gave you a nice check! Maybe it’s enough for dinner, or maybe it’s more of an “early inheritance.” Either way, do you need to worry about paying tax on your gift? Annual limits before the IRS takes notice First, a gift must be quite substantial before the IRS takes notice. [...]
Weekly Favorites: April 26, 2013 How To Survive A Tax Audit via CNN Money Tax season has finally wrapped up, but audit season is just about to begin. The chances of being dealt an audit are low — about one in 100. But if you happen to be selected, you can take certain steps to make the [...]
