A tax credit is a dollar-for-dollar reduction of taxes owed. Some tax credits are refundable meaning if you are eligible and claim one, you can get the rest of it in the form of a tax refund even after your tax liability has been reduced to zero. Here are four refundable tax credits you should [...]

Canceled debt is normally taxable to you, but there are exceptions. One of those exceptions is available to homeowners whose mortgage debt is partly or entirely forgiven during tax years 2007 through 2012. The IRS would like you to know these 10 facts about Mortgage Debt Forgiveness: Normally, debt forgiveness results in taxable income. However, [...]

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 [...]

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.

Make sure you have all the needed documents, including all your Forms W-2, before you file your 2011 tax return. You should receive an IRS Form W-2, Wage and Tax Statement, from each of your employers. Employers have until Jan. 31, 2012 to issue your 2011 Form W-2 earnings statement. If you haven’t received your [...]

Here is a brief rundown of the 2012 tax changes including, payroll tax cut, adoption tax credit, standard mileage rate changes…

IRS recently issued a series of tax tips regarding year-end charitable giving on its website. “Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years,” IRS said. The tax law changes cited by IRS included special charitable contributions for certain IRA owners, [...]

The IRS released standard mileage rates for use in 2012. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile.

During November estimate your 2011 income tax liability and review your options for minimizing your 2011 taxes.  Call us at 219-864-7000 to schedule a tax planning review.

The IRS has updated Notice 931, Deposit Requirements for Employment Taxes, to include the tax deposit rules for the 2012 tax year. For employers filing Form 941, Employer’s Quarterly Federal Tax Return, an employer’s deposit schedule for 2012 is based on the lookback period beginning July 1, 2010 and ending June 30, 2011. An employer [...]