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Although the tax return filing deadline has come and gone, it's never too early to start planning for next year's tax return. With that in mind, let's take a look at some common summertime situations that could affect your taxes: Getting married. Getting married this...

A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. In contrast, people operate a business with the intention of making a profit. However, many people engage in hobby activities that turn into a source of...

Teens and young adults often go into business for themselves over the summer or after school. This work can include babysitting, lawn mowing, dog walking, or other part-time or temporary work. When a teen or young adult is an employee of a business, their employer...

The optional standard mileage rate, which taxpayers may use to calculate the deductible costs of operating an automobile for business and certain other purposes, increases to 62.5 cents per mile, effective July 1, 2022. The new mileage rate is up 4 cents from the rate...

If you discover a mistake on your tax return after you've already filed it, don't panic. In most cases, all you have to do is file an amended tax return. What Tax Form is Used to File an Amended Return? Taxpayers should use Form 1040X, Amended U.S. Individual Income...

Home equity represents a significant portion of the average retiree's wealth. If you're 62 or older and house-rich but cash-poor, a reverse mortgage loan allows you to convert part of the equity in your home into cash - without having to sell your home. You can use...

If you're self-employed and use your car for business, you can deduct certain business-related car expenses. The first thing small business owners need to know is that there are two options for claiming deductions: Actual Expenses. To use the actual expense method,...

In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to remember if you sell your home this year. 1. Exclusion of Gain. You may be able to exclude part or all of the gain from the...

The Atlantic hurricane season officially began in June, so now is a good time for individuals, organizations, and businesses to make or update their emergency plans. Here are five steps taxpayers can take to safeguard their tax records before disaster strikes: 1....

The "Dirty Dozen" is a list of common tax scams that target taxpayers. Compiled and issued annually by the IRS, it includes a number of aggressive and evolving schemes that taxpayers should avoid. Let's take a look at this year's "Dirty Dozen" tax scams: 1. Use of...