Often employees spend their own money in furtherance of their job. If these costs aren't reimbursed, you may be able to get a tax deduction for them.
Can you get an income tax deduction for your moving expenses? It depends. If you moved your home due to a change in your job or business location, or because you started a new job or business, you may be able to deduct your moving expenses. The move must be because of a job. It doesn't matter if it's a new job, the same job or your first job.
When a person makes a loan to a family member, friend or relative at less than the market rate of interest, there may be adverse tax consequences. There are two tax implications to consider: income tax and gift tax.
When your children are too old for day care and too young to leave at home to their own devices, hiring them to work for you seems like a good idea. Congress, in shaping public policy through tax laws, seems to think so too. There are tax breaks for the child who works for mom and/or dad, as well as for the parent(s) who employ their children.
"The amount of sunshine energy that hits the surface of the Earth every minute is greater than the total amount of energy that the world's human population consumes in a year!" - Home Power Magazine
Caring for a parent or other relative takes both time and money. There are several tax provisions that can help you save money when providing this type of care.
Under new IRS regulations, beginning with the 2011 tax year, financial institutions must report to the IRS on clients' Forms 1099-B (Proceeds from Broker and Barter Exchange Transactions) not only gross proceeds of sales but also the adjusted cost basis for stock sold and whether the related gain or loss is long-term or short-term. The new cost basis reporting regulations implement key provisions of the Emergency Economic Stabilization Act of 2008 that apply to institutions that issue IRS Form 1099-B.
Taxpayers have until April 18, 2011 to file 2010 Form 1040s. That's a few extra days. April 15 falls on a Friday and its Emancipation Day in the District of Columbia. Pennsylvania Form PA-40 is due on April 15.
We make a living by what we get, but we make a life by what we give. -- Winston Churchill
On September 27, 2010, President Obama signed the Small Business Jobs Act. It is hoped that providing some tax relief to small business will spur growth and jobs will be created. Obama promised it will do "Two big things: It's going to cut taxes, and its going to make more loans available."