Tax Tips

Can I Deduct Expenses Related to my Job Search?

Tax Tips Sponsored by WEBTAX

Here are seven things from the IRS website to know about deducting costs related to your job search: 1. To qualify for a deduction, your expenses must be spent on a job search in your current occupation. You may not deduct expenses you incur while looking for a job in a new occupation. 2. You can deduct employment and outplacement…

How do I know if I qualify for the Child and Dependent Care tax credit?

Tax Tips Sponsored by WEBTAX

The Child and Dependent Care Credit is a nonrefundable tax credit based on expenses incurred for the care of a qualifying person. This care must make it possible for you to work or to seek employment. This credit is based on a percentage of the amount actually paid for care expenses. Requirements to Claim Credit You and your spouse, if…

Tips for Using Credit Bureaus to Help Protect Your Financial Accounts

Tax Tips Sponsored by WEBTAX

If you believe you are a victim of identity theft, you should contact one of the three major credit bureaus to place a “fraud alert” on your credit account. This critically important step makes it harder for identity thieves to obtain a credit card or loan in your name. The IRS has teamed up with state revenue departments and the…

Why Use a Professional to Prepare your Taxes?

Tax Tips Sponsored by WEBTAX

Many people use a tax professional to prepare their taxes. If you choose a tax pro, you should know who can represent you before the IRS. There are new rules this year, so the IRS wants you to know who can represent you and when they can represent you. Choose a tax return preparer wisely.

The Taxpayer Bill of Rights

Tax Tips Sponsored by WEBTAX

Every taxpayer has a set of fundamental rights. The “Taxpayer Bill of Rights” takes the many existing rights in the tax code and groups them into 10 categories. You should be aware of these rights when you interact with the IRS. Your Rights as a Taxpayer, highlights a list of your rights and the agency’s obligations to protect them. Here…

I hear that I can deduct job search expenses, is this true?

Tax Tips Sponsored by WEBTAX

If you’re searching for a job, you may be able to deduct some of your expenses on your tax return. Here are seven things the IRS wants you to know about deducting costs related to your job search. 1. To qualify for a deduction, the expenses must be spent on a job search in your current occupation. You may not…

What sort of volunteer or donation related expenses can I deduct?

Tax Tips Sponsored by WEBTAX

You can deduct your contributions only if you make them to a qualified organization. Most organizations, other than churches and governments, must apply to the IRS to become a qualified organization. Deductible as Charitable Contributions: Money or property you give to: Churches, synagogues, temples, mosques, and other religious organizations Federal, state, and local governments, if your contribution is solely for…