Next year, taxpayers will get a few extra days to file their 2015 income tax returns. The District of Columbia will be observing Emancipation Day on April 15, 2016, the usual filing deadline. Because April 16 and 17 fall on a weekend, the 2016 filing deadline is moved to the next business day which is […]
A new law, the “Don’t Tax Our Fallen Public Safety Heroes Act,” was signed on May 22, 2015, to clarify the tax treatment of federal and state benefits for public safety officers killed or injured in the line of duty. Under the law, such benefits will not be subject to federal income tax.
In a survey of small businesses conducted by the National Small Business Association, 59% of respondents said taxes were more of an administrative burden than a financial one. Most businesses put payroll taxes at the top of the list of taxes with the greatest administrative burden. Payroll taxes also outranked other taxes, such as income, […]
Keep your college student qualified as your dependent by meeting the “support” test. Generally, your child cannot provide over one-half of his or her own support during the year. Add up funds your child will have received from work, student loans, and other sources of income. Do you need to increase your level of support […]
If you itemize your deductions, you can deduct the mortgage interest and property taxes paid for your vacation home. A boat or RV can qualify as a vacation home if it has sleeping quarters, cooking facilities, and a bathroom. If a retreat also serves as rental property, you can control your tax deductions by changing […]
Here’s another filing deadline that might apply to you: April 15 is the due date for filing 2014 gift tax returns. If you made gifts last year in excess of the $14,000 annual limit to any one individual, you may need to report the transaction to the IRS. If you and your spouse agree to […]