Employees who are laid off from their jobs because of downsizing or other reasons (other than stealing or other serious misbehavior) usually can collect unemployment benefits. State unemployment benef...
Your locality may be economically depressed; finding job openings may require you to relocate to a different part of the country. Fortunately, the cost of moving your family and household items to you...
Any expenses you incur to look for another job can be deductible. Such costs include printing and mailing resumes, traveling to interviews, and paying job agency fees.The deduction for these costs...
When you leave your job, you may continue to enjoy certain benefits.Outplacement services. If your employer pays for outplacement services, including an office from which to look for another job a...
If you are terminated, you can probably collect unemployment benefits from your state. You have to apply for them by contacting your local unemployment office.Unemployment benefits are fully taxab...
Forget deductions and tax credits. In the best of all possible worlds, you receive tax-free income. This is income on which you don't have to pay any federal income tax. Some types of income are tax f...
Maybe you've had a paper route, baby-sat, or worked at a fast-food restaurant while you were growing up and pursuing your education. Now you've landed a full-time job or are in the market for one. Wha...
- For purposes of the 3.8% additional Medicare tax on net investment income in 2013, how does this relate to rental income?
- Can I make a direct transfer of my IRA to my church and qualify for tax-free treatment (up to $100,000)? I’m 72 years old.
- I sold my residence at a loss. How do I report this on my tax return?
- I traveled to Africa on a mission trip with my church. I paid for the airfare. Can I deduct it?
Make Tax Planning and Filing Easier
Decide that this is the year you’ll keep good records for tax purposes (if you haven’t done this before). Set up a system, on computer or with files, to record deductible transactions and to store necessary canceled checks and other documents throughout the year. If you use your car for medical, moving, charity, or business purposes, keep a log of your mileage for each purpose.
Job-Related Expenses Overlooked
A recent survey shows that many taxpayers fail to take the job-related expenses to which they are entitled. For example, 38% failed to claim moving expenses when they relocated for a job. Half did not know they could deduct travel costs to see clients. And only 23% claimed education expenses to which they were entitled.
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