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.
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:
The IRS recently released a list of 5 tax tips for taxpayers who have recently married or divorced, and are planning on filing their taxes with a different last name than in years past. If you fall into this category, it is important to ensure that the name on your tax return matches the name registered with the Social Security Administration. A mismatch between the name shown on your tax return and the SSA records can cause problems in the processing of your return and may even delay your...
Citibank recently sent out 1099 forms to thousands of it’s clients indicating that their redeemed airline miles are taxable to the tune of 2.5 cents per mile and listed as miscellaneous income. This of course caused an immediate uproar not only because Airline miles could cost additional money in taxes, but also because if they’re not reported on your income tax return, the chances that the taxpayer will get hit by an Audit increases (not to mention additional penalties...
If you are one of the millions of taxpayers who filed early this year, the IRS has emailed tax professionals that they may be delaying the release of refunds by about a week (or even more).
The name “Watson”–the IBM supercomputer that beat human Jeopardy champions handily–has become a fixture in today’s lexicon. So much so that the New York State Department of Taxation has partnered with IBM and is using the same technology developed for Watson to review tax returns. Thomas H. Mattox, the tax commissioner explained that their new systems incorporates the use of “business analytics” to determine the merit of tax returns. In other words, Watson is helping NY to catch cheaters.
