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Entries from July 2013

Simplified Option for Home Office Deduction

July 29th, 2013 · No Comments

Do you work from home? If so, you may be familiar with the home office deduction, available for taxpayers who use their home for business. Beginning with the taxable year 2013, there is a new, simpler option to figure the business use of your home. This simplified option does not change the rules for who [...]

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Tags: Taxes

Tips on Reporting Gambling Income and Losses

July 24th, 2013 · No Comments

Whether you roll the dice, play cards or bet on the ponies, all your winnings are taxable. Here are six tax tips for the casual gambler. 1. Gambling income includes winnings from lotteries, raffles, horse races and casinos. It also includes cash and the fair market value of prizes you receive, such as cars and [...]

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Tags: Taxes

Tax Tips for Starting a New Business

July 8th, 2013 · No Comments

If you plan to start a new business, or you’ve just opened your doors, it is important for you to know your federal tax responsibilities. Here are five basic tips that can help you get started. Type of Business: Early on, you will need to decide the type of business you are going to establish. [...]

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Tags: Taxes