IRS Refund For Bonds Not Used Yet

If you’re receiving a tax refund this year, the IRS reminds you that you can use it to buy U.S. savings bonds directly from the IRS. Here are the details. * You may purchase up to $5,000 in U.S. Series I savings bonds. * The total amount of bonds you purchase must be a multiple of $50. Any refund over the specified bond purchase amount can be deposited in your bank savings account, or you can request a check by mail. * Bonds will be issued in your name. If you’re married and file a joint return, the bonds will
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Tax Breaks Through Charity Work

If you do volunteer work for a charitable organization and have not kept track of your out-of-pocket expenses, you might be passing up an excellent opportunity to lower your tax bill. To qualify, your unreimbursed expenses must relate directly to the charity, and you must itemize your deductions on your tax return. Here is a brief rundown of some possible deductions. * Volunteers may deduct the cost of phone calls, postage stamps, supplies, and other out-of-pocket costs incurred in their volunteer work. For volunteers who are required to wear a uniform, the cost of buying and cleaning uniforms is deductible
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Hiring Family Can Cut Taxes

During Christmas break and summer vacation, young family members may be looking for a job – and having a hard time finding one. Hire them in your family business, and you get a double benefit: helping the kids gain valuable experience and garnering tax breaks for your company. Here’s what you need to know. Whether your sole proprietorship business operates around the kitchen table or in the fields of your farm, wages you pay your under-age-18 children are not subject to social security, Medicare, or federal unemployment taxes. Note: You’ll have to pay social security and Medicare taxes when your
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Co-Authoring A Book For Niche Authority

Diane Gardner interviewed by Jessica  Rhodes of Rhodes To Success Podcast During this interview Diane talks about what a tax coach is, what books she has authored, and co-authoring a book for niche authority. CLICK HERE TO LISTEN! MAIN QUESTIONS ASKED What is a tax coach and why should we find one for ourselves? What do you mean by a co-author book and what is the process? What is ‘lumpy mail’? What is the process for writing your book and tips on getting content written? Share about the relationship behind the scenes with your co-author What is your advice as
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Know The Tax Rules For Selling Online

Selling items on eBay and other online auction Web sites has become a very popular way to get rid of unwanted household stuff, as well as a way to turn a little profit. Many users have even started full-time businesses auctioning merchandise on the Web. But like any business venture, selling items in the virtual world has tax implications that are all too real. From a tax standpoint, casual selling on eBay is essentially the same as holding a garage sale. If you sell an item for less than you paid for it, you cannot deduct the loss. When you
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IRS Refund For Bonds Not Used Yet

If you’re receiving a tax refund this year, the IRS reminds you that you can use it to buy U.S. savings bonds directly from the IRS. Here are the details. * You may purchase up to $5,000 in U.S. Series I savings bonds. * The total amount of bonds you purchase must be a multiple of $50. Any refund over the specified bond purchase amount can be deposited in your bank savings account, or you can request a check by mail. * Bonds will be issued in your name. If you’re married and file a joint return, the bonds will
Read More

Tax Breaks Through Charity Work

If you do volunteer work for a charitable organization and have not kept track of your out-of-pocket expenses, you might be passing up an excellent opportunity to lower your tax bill. To qualify, your unreimbursed expenses must relate directly to the charity, and you must itemize your deductions on your tax return. Here is a brief rundown of some possible deductions. * Volunteers may deduct the cost of phone calls, postage stamps, supplies, and other out-of-pocket costs incurred in their volunteer work. For volunteers who are required to wear a uniform, the cost of buying and cleaning uniforms is deductible
Read More

Hiring Family Can Cut Taxes

During Christmas break and summer vacation, young family members may be looking for a job – and having a hard time finding one. Hire them in your family business, and you get a double benefit: helping the kids gain valuable experience and garnering tax breaks for your company. Here’s what you need to know. Whether your sole proprietorship business operates around the kitchen table or in the fields of your farm, wages you pay your under-age-18 children are not subject to social security, Medicare, or federal unemployment taxes. Note: You’ll have to pay social security and Medicare taxes when your
Read More

Co-Authoring A Book For Niche Authority

Diane Gardner interviewed by Jessica  Rhodes of Rhodes To Success Podcast During this interview Diane talks about what a tax coach is, what books she has authored, and co-authoring a book for niche authority. CLICK HERE TO LISTEN! MAIN QUESTIONS ASKED What is a tax coach and why should we find one for ourselves? What do you mean by a co-author book and what is the process? What is ‘lumpy mail’? What is the process for writing your book and tips on getting content written? Share about the relationship behind the scenes with your co-author What is your advice as
Read More

Know The Tax Rules For Selling Online

Selling items on eBay and other online auction Web sites has become a very popular way to get rid of unwanted household stuff, as well as a way to turn a little profit. Many users have even started full-time businesses auctioning merchandise on the Web. But like any business venture, selling items in the virtual world has tax implications that are all too real. From a tax standpoint, casual selling on eBay is essentially the same as holding a garage sale. If you sell an item for less than you paid for it, you cannot deduct the loss. When you
Read More

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