Tag Archives: taxes
The Purpose of Your Accountant
Many people are confused about the purpose of accountants given tax software and so on. To get the biggest benefit for the fees you pay, you need to understand what your accountant can do. The Purpose of Your Accountant An … Continue reading
Posted in All Taxpayers, Uncategorized
Tagged accountant, strategies, strategy, Tax, tax return, taxes
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Battling the IRS
There was once a song about battling the law and losing. Fortunately, battling the IRS is possible and sometimes inevitable. Battling the IRS There comes a time when many Americans must take action against the IRS. The IRS can come … Continue reading
Posted in IRS Tips, Uncategorized
Tagged federal income tax, IRS, tax planning, taxes
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Should You Be Converting Your Traditional IRA Into a Roth IRA before Year’s End?
Article Highlights: Roth IRAs provide tax-free earnings’ accumulation Traditional IRA to Roth IRA conversions can be made If this year is a low or negative income year, you will pay little or no conversion tax There are two types of … Continue reading
Selling Your Home? Taxes?
Article Highlights Individuals can exclude up to $250,000 ($500,000 for a married couple filing jointly) of gain from the sale of their primary residence. Generally, to qualify for the exclusion, the home must have been owned and used as a … Continue reading
Tax Benefits for Military Personnel
If you’re a member of the U.S. Armed Forces, there are many tax benefits that may apply to you. Special tax rules apply to military members on active duty, including those serving in combat zones. These rules can help lower … Continue reading
Tax Breaks for Charity Volunteers
If you volunteer your time for a charity, you may qualify for tax breaks. Although no tax deduction is allowed for the value of services performed for a charity, some deductions are permitted for out-of-pocket costs incurred while performing the … Continue reading
Tax Tips for Students with a Summer Job
Many students hold a summer job during their time off from school. Here are some tax issues that should be considered when working a summer job. 1. Completing Form W-4 When Starting a New Job – This form is used … Continue reading
Tax Tips for Students with a Summer Job
Many students hold a summer job during their time off from school. Here are some tax issues that should be considered when working a summer job. 1. Completing Form W-4 When Starting a New Job – This form is used … Continue reading
Itemizing vs. Standard Deduction: Six Facts to Help You Choose
When you file a tax return, you usually have a choice to make: whether to itemize deductions or take the standard deduction. You should compare both methods and use the one that gives you the greater tax benefit. The IRS … Continue reading
Posted in All Taxpayers, Ever wonder, Have you ever asked, IRS Tips
Tagged Itemizing, standard deduction, taxes
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Important Facts about Mortgage Debt Forgiveness
If your lender cancelled or forgave your mortgage debt, you generally have to pay tax on that amount. But there are exceptions to this rule for some homeowners who had mortgage debt forgiven in 2012. Here are 10 key facts … Continue reading
Posted in All Taxpayers, Have you ever asked, IRS Tips
Tagged IRS Tips, Mortgage debt forgiveness, taxes
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Murray Tax Services 