Tax Deductions by Donating Household Items
It’s a common practice during the summer: After a spring cleaning, many people try to sell the household items they no longer need or want in a “garage sale” (known as a “lawn sale, “tag sale” or some other name in parts of the country). But what to do with those items that are left […]
Texas Back-to-School Sales Tax Holiday
Earlier this year, the Texas state legislature voted to create a sales tax holiday that will coincide with the back-to-school time frame. The state has had a back-to-school sales tax holiday, commonly called “Tax Free Weekend”, each year since 1999. The Texas State Comptroller announced earlier this month that the sales tax holiday will last from August 8 […]
Top Ten Tax Facts if You Sell Your Home
Do you know that if you sell your home and make a profit, the gain may not be taxable? That’s just one key tax rule that you should know. Here are ten facts to keep in mind if you sell your home this year. 1. If you have a capital gain on the sale of your […]
IRS Fast Track Settlement Program- Help for Small Businesses & the Self-Employed
Fast Track Settlement offers Small Business/Self-Employed taxpayers an opportunity to resolve tax disputes at the earliest possible stage in the examination process. Once your application is accepted, the goal is resolution within 60 days. With FTS, a trained mediator from the IRS Office of Appeals is assigned to help you and the IRS reach an […]
Don’t Gamble with the IRS – Reporting Winnings & Losses
Going on a fun trip this summer where you’re planning to do some gambling? Whether you like to play the ponies, roll the dice or pull the slots, your gambling winnings are taxable. You must report all your gambling income on your tax return. If you’re a casual gambler, odds are good that these basic […]
Summer Weddings Mean Tax Changes
Taxes may not be high on your summer wedding plan checklist. But you should be aware of the tax issues that come along with marriage. Here are some basic tips that can help keep those issues to a minimum: Name change. The names and Social Security numbers on your tax return must match your Social […]
Moving and Your Taxes
Summer is a time where many families decide to move, since the kids are out of school and it may be easier to get vacation time from work. Below, we detail the many ways moving can affect your taxes. Moving Out of State Texas is one of seven states that does not collect a state income […]
