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If you itemize deductions on your tax return, you may be able to deduct certain miscellaneous expenses, which might reduce your federal income tax. Examples include employee expenses and fees you pay for tax advice. If you itemize, these deductions could lower your...

If you moved 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 reasonable moving expenses. Additionally, if you meet the requirements of the tax law for the deduction of moving expenses, you...

Millions of Americans have hobbies such as sewing, woodworking, fishing, gardening, stamp and coin collecting, but when that hobby starts to turn a profit, it might just be considered a business by the IRS. Definition of a Hobby vs. a Business The IRS defines a hobby...

Whether you're self-employed or run a small business, here's a quick look at what you need to know about the Affordable Care Act. Self-Employed If you run an income-generating business with no employees, then you're considered self-employed. You can get coverage...

The Internal Revenue Service and the Treasury Inspector General for Tax Administration continue to hear from taxpayers who have received unsolicited calls from individuals demanding payment while fraudulently claiming to be from the IRS. Based on the 90,000 complaints...

September is often a time of transition, when people decide to make major life decisions--such as changing jobs. If you're looking for a new job, then you may be able to claim a tax deduction for some of your job hunting expenses--as long as it's in your same line of...

Special tax benefits apply to members of the U. S. Armed Forces. For example, some types of pay are not taxable. And special rules may apply to some tax deductions, credits and deadlines. Here are ten of those benefits: 1. Deadline Extensions. Some members of the...

If you start a business, one key to success is to know about your federal tax obligations. Not only will you probably need to know about income taxes, you may also need to know about payroll taxes as well. Here are five basic tax tips that can help get your business...

Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match PLan for Employees) is the easiest to set up and the least expensive to manage. These plans are intended to encourage small business employers to offer...

Tax rules on rental income from second homes can be complicated, particularly if you rent the home out for several months of the year, but also use the home yourself. There is however, one provision that is not complicated. Homeowners who rent out their property for...