Archive

29Apr2015

Should You Keep Home Improvement Records?

Article Highlights: Keeping home improvement records Home gain exclusion amounts Records may be required to avoid tax Many taxpayers don’t feel the need to keep home improvement records, thinking the potential gain will never exceed the amount of the exclusion for home gains ($250,000 or $500,000 if both filer and spouse qualify) if they meet

08Apr2015

Checking the Status of Your Federal Tax Refund is Easy

  Article Highlights 24/7 access How quickly  posted Direct deposit Information needed to use If you already filed your federal tax return and are due a refund, you can check the status of your refund online. Where’s My Refund? is an interactive tool on the IRS web site.  Whether you split your refund among several accounts, opted

03Apr2015

Tax Break for Sales of Inherited Homes

  Article Highlights: Inherited Basis Certified Appraisals Loss On Sale Potential Law Change People who inherit property are often concerned about the taxes they will owe on any gain from that property’s sale. After all, the property may have been purchased years ago at a low cost by a deceased relative but may now have

02Apr2015

April 2015 Due Dates

April 2015 Individual Due Dates April 10 -  Report Tips to Employer  If you are an employee who works for tips and received more than $20 in tips during March, you are required to report them to your employer on IRS Form 4070 no later than April 10. Your employer is required to withhold FICA