Put Your Refund to Good Use Are you expecting a tax refund from the IRS this year? Although it may be tempting to spend your refund on the newest electronic gadget, consider using it to meet one or more of your financial goals. Pay Down Debt Credit card debt can grow quickly if left unpaid.…Read more
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A Tax Review for the Nonprofessional Landlord. Renting Residential Real Estate. Investing in residential rental properties raises various tax issues that can be somewhat confusing, especially if you are not a real estate professional. Some of the more important issues rental property investors will want to be aware of are discussed below. Rental Losses Currently,…Read more
Scholarships Taxable or Not The really great thing about receiving a scholarship is that the award doesn't have to be paid back. But does a scholarship represent taxable income? It doesn't as long as certain conditions are satisfied. Here's a brief rundown of what's required for tax-free treatment. Candidate for a degree. The recipient must…Read more
Business Auto Deductions Do you drive your car for business purposes? The costs of operating and maintaining your vehicle are potentially deductible. Here are some guidelines. Two Methods The IRS provides two basic methods for computing deductions for the business use of an automobile. Actual expense method. With the actual expense method, you deduct the…Read more
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