Work-related tax tips for both the employeed and unemployeed
If your employer withheld taxes, but didn't pay the IRS, you can still claim withheld taxes. Here's what to do.Do employers report health reimbursements on W-2?
Many employers recognize the importance of providing their employees with health care benefits, and the HRA is one such plan that is allowed by the IRS. The employer sets up its own plan and then contributes funds to the employee's account. When the employee incurs eligible expenses, they are submitted to the employer for a tax-free reimbursement.Good News! Not Everything is Taxed
There's not much the Internal Revenue Service doesn't consider taxable income. There are few sources of income that are not taxable. Unfortunately, many represent money you wish you didn't need to get in the first place. These examples are not all-inclusive. So if you have an unusual income situation, check out the IRS rules with your tax adviser. You may or may not have to pay taxes on the money.5 Ways to Beat the Payroll Tax Increase
Does it seem like you're bringing home less money than you used to? Chances are, you are. With the payroll tax increases that went into effect in January, the paycheck of every working American is a little less than it was last year. But, there are plenty of other ways to deal with the shortfall, some of which may be more productive. Here are five ways to make up for your payroll tax increase.Tax Help for Business, Pleasure Trips
You really need a break, but it's been a tough year for your business and you're not comfortable spending money on vacation travel. Let Uncle Sam help pay for your business trip. When you tack on personal vacation days to the beginning or end of a business trip, your out-of-pocket costs could be minimal since much of the business portion of your travel could be tax-deductible.Employee vs. Contractor: A Tax Distinction
Holidays can be especially joyous for someone who's looking for a job. Many companies, large and small, hire seasonal workers. And while it's good to have extra income, make sure you understand how you're treated by your new, temporary employer. If you are classified as an independent contractor instead of an employee, you could face some tax troubles at filing time.Business Expenses that Benefit You
Employees often give a little extra in their jobs. If that giving is literal, you paid some work-related costs and weren't reimbursed you may be able to turn your professional dedication into a tax break. Many unreimbursed employee expenses can be counted as miscellaneous deductions if you itemize on Schedule A.Deducting Your Home Office Costs
Whether you are self-employed or an employee, if you use a portion of your home for business, you might be able to deduct the associated costs.Job Hunting Could Help Cut Taxes
These days a lot of Americans find themselves pounding the pavement in quest of a new job, whether they've gotten the pink slip or expect to get one soon. The good news: The search may help you cut your tax bill -- under certain circumstances, job-hunting expenses are tax-deductible.A Tax-Deduction Apple for Teachers
Teaching takes a toll on many educators' pocketbooks as they routinely buy supplies for their financially strapped schools. Over the past few years, they've enjoyed a tax break for such academic dedication. But this tax break is due to expire at the end of 2013.Tax Breaks for the Unemployed
Being unemployed presents a variety of financial considerations, including potential taxes. In some cases, federal tax laws could pose new costs to unemployed individuals. But in others, tax provisions could help ease, at least a bit, the financial strains of unemployment.Taxing Troubles for the Unemployed
With more people filing into the unemployment line every day, it's critical we examine the major tax issues facing the unemployed. While understanding each of these issues will not make unemployment stress-free, it will help relieve some of the anxiety associated with unemployment and allow the jobless to focus more of their energy where it should be and that's on finding a new job.
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