4 Tax Tips For Those Collecting Unemployment Income
Unemployment can be stressful enough without having to figure out the tax treatment of the unemployment benefits you receive. Unemployment compensation generally includes, among other forms, state unemployment compensation benefits, but the tax implications depend on the type of program paying the benefits. You must report unemployment compensation on line 19 of Form 1040, line 13 of Form 1040A, or line 3 of Form 1040EZ.
Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When you sell a capital asset, the difference between the amount you paid for the asset and its sales price is a capital gain or capital loss.
The IRS recently released it’s annual list of their “Dirty Dozen” tax schemes. “Scam artists will tempt people in-person, on-line and by email with misleading promises about lost refunds and free money. Don’t be fooled by these,” warns Commissioner Douglas Stives.
Did I calculate my return correctly? Did I take all the deductions I’m entitled to? Do I qualify for a credit and should I take it? These are all samples of the many questions that cross many a taxpayer’s mind before they submit their returns to the Government. However, one thought–or rather plea–that’s almost always on the mind is: Please, just don’t Audit me.
NY tax commissioner Thomas Mattox recently deputized the entire staff of the NY Inspector General’s office in what is a being dubbed a pre-emptive “crime fighting” move. What was meant to be a quite ceremony has caused a stir because the new powers granted to the IG’s office allows them the ability to look at NY state employee’s tax returns–and potentially any other NY tax return that they dub “relevant” to an investigation–without the taxpayers consent. Mind you,...
Although most income you receive is taxable and must be reported on your federal income tax return, there are some instances when income may not be taxable.
If you have a tax liability with the Internal Revenue Service (IRS), you should be aware of what a tax lien is. A tax lien is a tool used by the IRS to enforce collection of an unpaid tax liability. It allows the IRS to take your assets—your checking account balance, your cars, even your wages—in order to satisfy the money you owe to them.
If you’re a Giant fan like me, you are probably a little groggy from celebrating the Giant’s win over the Patriots in Super Bowl XLVI last night. However, Antrel Rolle celebratory mood was probably dampened a little bit by a recent IRS ruling that he failed millions in taxes:
