Windfalls and the Taxman

A windfall is a sudden, unexpected good fortune. It usually is a sum of money and/or property, and it could be substantial. Taxwise, the windfall may be tax-free income, fully taxable, or something in between. More

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Expanded Homebuyer CreditFree

President Obama signed into law on November 6^th the Worker, Homeownership, and Business Assistance Act of 2009. The act extends unemployment benefits by 20 weeks in states hardest hit by the down economy and by 14 weeks all other states. The law also liberalizes and makes other …More

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Tax Tips

Subject to the alternative minimum tax(AMT)? Itemize deductions.Free

The standard deduction cannot be used to reduce income subject to the alternative minimum tax (AMT), but certain itemized deductions can. Even if your total itemized deductions are less than the standard deduction, you could still save taxes overall by opting to itemize. …More

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Ask JK Lasser

Q: What is the proper way to report deductions when moving a home office from one home to another?Free

— Submitted by Martha

A: You should file one Schedule C but two Forms 8829 — one representing the income and deductions attributable to the portion of the year you owned the old house, and the second representing income and deductions attributable to the portion of the year you used the new house for …More

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Small Business Help

Report It All!

Don't neglect to report all your business income. Report any interest on business bank accounts, recoveries of previously deducted bad debts, and any loan forgiveness (unless you opt to reduce certain tax attributes that will impact your taxes down the road).

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