While many schools are switching to hybrid or remote learning models, teachers and other educators should remember that they can still deduct certain unreimbursed expenses such as classroom supplies, training, and travel. Deducting these expenses helps reduce the amount of tax owed when filing a tax return.
Topics: Taxes, Record Keeping, Tax Deduction
If you are ready to file your taxes but are missing important tax forms here's what you should do:
Topics: Taxes, Record Keeping, Tax Return, Tax Preparation
If you've invested in Bitcoin and decide to sell you need to consider the impact of virtual currency transactions on your taxes. Here's what you should know:
Topics: Taxable Income, Personal Finance, Taxes, Record Keeping, Tax Return
Many people assume tax planning is the same as tax preparation but the two are actually quite different. Let's take a closer look:
Topics: Business Ownership, Personal Finance, Taxes, Record Keeping, Managing Your Tax Liability, Tax Return, Tax Planning, Tax Preparation
Keeping full and accurate homeowner records is not only vital for claiming deductions on your tax return, but also for determining the basis or adjusted basis of your home. These records include your purchase contract and settlement papers if you bought the property, or other objective evidence if you acquired it by gift, inheritance, or similar means. You should also keep any receipts, canceled checks, and similar evidence for improvements or other additions to the basis.
Topics: Personal Finance, Record Keeping
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