If you play the ponies, play cards or like to play the slots, your gambling winnings are taxable. You must report them on your tax return. Here are some tips that can help you at tax time next year. Income from gambling includes winnings from the lottery, horse racing and casino’s. It also includes cash […]
It is never too early to begin preparing for the tax filing season. Individuals should be aware of any chances to their tax situation and make changes immediately. Otherwise it could cause major tax consequences. Have there been any major life events such as marriage, divorce, or the birth of a child? These are all […]
Small businesses face challenges each day and more of the major challenges is employer provided health insurance. Because of Obamacare employers with 50 or fewer employees are not required to provide employer provided health coverage. In the past they were allowed to reimburse their employees for the cost of the health insurance they paid for […]
In June, the Internal Revenue Service joined with representatives of tax preparation and software firms, tax financial product processors, and state tax administrators to announce a new collaborative effort to combat identity theft refund fraud and protect the taxpayers. This will include validating taxpayer and tax return information at the time of filing. This effort […]
Taxpayers frequently state my business is “just a hobby”. Well the IRS wants to remind you that you need to follow certain guidelines and truly determine whether your activity is a business or a hobby. This will determine where you will report the income and expenses on your tax return! The best way to approach […]
The Affordable Care Act, is also known as Obamacare. Under Obamacare’s individual shared responsibility provision, you must let the IRS know when you file that you had the required minimum essential health care coverage or were exempt. If you have qualified coverage, you’ll get a Form 1095-C from your employer or a Form 1095-B from […]