If you exchanged items or services with someone and didn't use money, you've bartered. That means you have to list the difference in fair market value between what you've exchanged as either income or a loss on your tax return. Before you establish the value of a bartered item, take a look around at how the item is being valued elsewhere.
Wednesday, September 27, 2017
Friday, September 22, 2017
Owning a home isn't for everyone, but there are some great tax benefits for people who do. Building equity is a popular reason why renters decide to become homeowners. Paying a mortgage allows you to build up equity in property that you can realize when you sell. And when you do sell, profits you make from the sale are tax-free up to certain limits. Homeowners may also be able to deduct the cost of mortgage interest and property taxes as itemized deductions.
Tuesday, September 19, 2017
If an IRS agent makes an in-person visit to your home or business and it feels a little off, ask for credentials.All real IRS agents should carry two forms of identification showing that they're legit – a personal identity verification card and a pocket commission card. Regardless of how an agent is contacting you, always ask for his/her name, badge number, and phone number and call the IRS at 1-800-366-4484 to confirm the agent is a true employee.
Friday, September 15, 2017
Some of the most common tax return errors come from name mistakes. Your name has to match the information on file with the Social Security Administration (SSA). So if you recently married or divorced but haven't changed your name with the SSA, you'll need to file under your old name.
Wednesday, September 13, 2017
Working in the service industry often means part of your income comes in the form of tips. Keeping records of your tips is a necessary part of reporting this income for tax purposes, but do you have a good system in place to do this?
Friday, September 8, 2017
If you're thinking of selling your company, a proper appraisal is a necessary starting point to ensure your business is priced properly and you will be able to attract potential buyers.
Tuesday, September 5, 2017
After years of putting money in your 529 college savings plan, you're ready to start taking withdrawals to pay tuition bills. Do you know the rules for keeping the withdrawals tax-free?