Did you know that when you barter (exchange property or service)? You only must report the fair market value of the property or service you receive as income.
You qualify as head of household if you’re unmarried and provide a home (over 50% of keeping up the home) for a qualified person. Such as you child. So you will qualify for HOH.
You can write off qualified medical and dental expenses over 10.0% (As of 2013, there are exceptions for the elderly) of your AGI. For example, if you have an adjusted gross income of $50,000, 10.0% would be $5,000. If you … Continued
Did you know that there is a standard medical mileage rate of 23 cents per mile? The mileage that you can include has to be primarily for, and essential to, medical care. For example, if you drive 10,000 miles at … Continued
An Archer Medical Savings Account (MSA) is a tax deductible savings account to save for medical expenses. This is a good savings account because it earns interest, which could be tax deferred or even tax-free. The biggest benefit is that … Continued
If a debt you owe is canceled or forgiven, you must include the canceled amount in your income. To avoid reporting this amount as income, the party who is owed the money may offer to forgive the debt as a … Continued
Can a full-time student claim exempt and not pay taxes on their income? Students are not exempt from taxes. They have the same requirement as anyone else. The only exception would be if your only income was from interest or … Continued
You DO have to pay tax on tips reported to your employer. If you don’t report your cash tips to your employer, you risk the chance at being audited by the IRS. If the company does not meet certain criteria … Continued
A security deposit is no considered income if you plan to return it to the tenant. If you keep part or all of the deposit, it must be included in your income that year.
An employer-provided cell phone is NOT considered income. Since the company is giving you a cell phone or business purposes, the business will write it off as an expense. Same goes for is they are reimbursing you for your personal … Continued