If You Missed the Tax Deadline These Tips Can Help

Now April 15 has come and gone. If you didn’t file your tax return or an extension yet, you need to take action now. Below are some tips for taxpayers who missed the tax filing deadline:

Top Four Year-End IRA Reminders

Contribution Limits

Individual Retirement Accounts (IRAs) are an important way for anyone  to save for retirement. If you already have an IRA or may open one soon in the near future, there are some key year-end rules that you may want to know. Below are the top four reminders on IRAs:

Four Basic Tax Tips about Hobbies

There are lots of people who enjoy hobbies that are also a source of their income.

 Stamp Collection

Some examples include stamp collection, coin collections, craft making, and horsemanship.

You must report on your tax return all of the income that you earn from your hobby. The rules of how you report your income and expenses depend on whether the activity is considered a hobby or a business. There are special rules and limitation for deductions that you can claim for a hobby. Here are four tax tips you should know about hobbies:

More about Premium Tax Credit

If you moved or get married recently, it is a good idea to add a health insurance review to your to-do
list. This is particularly important if you receive an advance payment of the premium tax credit through a Health Insurance Marketplace.

IRA contribution and deduction rules for 2014

Using individual retirement arrangements (IRA) is a very good way to save for your retirement. However, there are limits on how much you can contribute each year. There are also other factors that will affect the amount you can deduct on your traditional IRA contributions.  Roth IRA contributions, however, are not deductible.

Back to School College Tax Credit

 College Tax Credit

With another school year now already in full swing,
it is a good time for both parents and students to see if they will qualify for one of the two college tax credits when they file their 2014 federal income tax returns next year.
The two college tax credits are American Opportunity Credit (AOC) and Lifetime Learning Credit.

What is Taxable and Nontaxable Income?

Taxable or Nontaxable?

Generally speaking, all of your income is taxable unless it is specifically exempted by law. All the taxable income must be reported on your tax return and is subject to tax.  Income that is nontaxable may also have to be shown on your tax return but is not taxable.  In brief, income can include the following.