The Sales Tax Deduction is a deduction of your local sales taxes, when itemizing. What is the Sales Tax Deduction? You are deducting the sales tax that you have paid this tax year on purchases. You can either deduct your state income taxes or your state sales taxes, and you cannot deduct both of these. [...]

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What is the Home Office Tax Deduction? You may be eligible for a Home Office Tax Deduction if you use part of your home for a business use. This Home Office Tax Deduction can be used for all types of homes, and it is available for both homeowners and those who rent. Who can use [...]

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Income on Your W2 Form

Posted by Kate

W-2 Forms provide employees with wage and salary information to file your taxes. You’ll need your 2013 W-2 form before your can efile. What is a W-2 Form? A W-2 Form is a tax form your employer is required to provide to you to file your taxes. A W-2 Form reports your income from that [...]

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What is a Form 1099?

Posted by Kate

2013 Form 1099s are in the mail. You should receive your form 1099s shortly. Here’s what to expect. What is a 1099 Form? A 1099 is a form that is used to report taxable income you earn aside from your regular salary or wages. A few examples of income types that a 1099 may report [...]

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What is a 1040 Form?

Posted by Kate

What is a 1040 Form? A 1040 form is the basic tax form which individuals use to file their tax returns. The 1040 form summarizes information about an individual’s income and deductions and calculates whether the individual owes the government money or receives a tax refund. Tax forms 1040 must be filed by the tax [...]

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If you and any of your dependents have had a significant amount of medical expenses over this past tax year, you may be eligible to claim a medical tax deduction. Medical Expense Threshold The Medical Expense deduction is not meant to cover typical taxpayer expenditures from visiting a doctor a few times a year, filling [...]

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IRS Form W9

Posted by Jill

IRS Form W9 is similar to the Form W-4 that is used for employees, but does not lead to withholding. What is a W9 Form? Form W-9 is used to request a tax identification number and other information that can later be used to populate tax forms such as 1099s. When do you Use a [...]

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People may think that the mileage tax deduction is only for employer expenses, such as traveling for your own business or using your personal car to travel for an employer. Both of these scenarios make you potentially eligible to claim the mileage tax deduction on your taxes. However, there are several other scenarios where you [...]

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Adoption Tax Credit

Posted by Kate

What is the Adoption Credit? If you adopted a child recently, qualified expenses related to the adoption have reverted back to being a nonrefundable tax credit. (The credit was refundable for tax years 2010 and 2011.) The tax adoption credit is a maximum of $12,970 per child for tax year 2013. What Expenses Qualify? Qualified [...]

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Itemized Deductions

Posted by Jill

When you file your taxes, you have the option to either claim the standard deduction or itemize your deductions. While the standard deduction is a set amount, itemized deductions will vary from person to person. As such, if you have a large number of itemized deductions you will likely be able to reduce your tax [...]

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