IRS Offers Tips on How to Amend Your Tax Return

If you discover an error after you file your tax return, you can correct it by amending your return. Here are 10 tips from the Internal Revenue Service about amending your federal tax return: 1. When to amend a return.  You should file an amended return if you need to correct your filing status, number of […]

Tips for Taxpayers Who Travel for Charity Work

Do you plan to travel while doing charity work this summer? Some travel expenses may help lower your taxes if you itemize deductions when you file next year. Here are five tax tips the IRS wants you to know about travel while serving a charity. 1. You must volunteer to work for a qualified organization. Ask […]

Reduce Your Taxes with Miscellaneous Deductions

If you itemize deductions on your tax return, you may be able to deduct certain miscellaneous expenses. You may benefit from this because a tax deduction normally reduces your federal income tax. Here are some things you should know about miscellaneous deductions: Deductions Subject to the Two Percent Limit.  You can deduct most miscellaneous expenses […]

Job Search Expenses May Lower Your Taxes

Summer is often a time when people make major life decisions. Common events include buying a home, getting married or changing jobs. If you’re looking for a new job in your same line of work, you may be able to claim a tax deduction for some of your job hunting expenses. Here are seven things […]

Annual Sales Tax Holiday in South Carolina is August 2 – 4

Columbia, SC (July 17, 2013) — The popular Sales Tax Holiday weekend in South Carolina will take place Friday, August 2 at 12:01 am and continue through Sunday, August 4 at midnight. During the 14th Annual Sales Tax Holiday, shoppers will benefit from an exemption of the 6% state sales tax and any applicable local […]

IRS Open On Monday; Agency Cuts Costs, Cancels July 22 Furlough

WASHINGTON — The Internal Revenue Service is cancelling the furlough day scheduled for Monday, July 22 due to its successful ongoing efforts to cut costs. As a result, IRS offices will be open as usual and IRS employees will be paid for that day. This means that all toll-free services, including the Taxpayer Advocate Service, […]

Tips for Employers Who Outsource Payroll Duties

Many employers outsource their payroll and related tax duties to third-party payers such as payroll service providers and reporting agents. Reputable third-party payers can help employers streamline their business operations by collecting and timely depositing payroll taxes on the employer’s behalf and filing required payroll tax returns with state and federal authorities. Though most of […]

Renting Your Vacation Home

A vacation home can be a house, apartment, condominium, mobile home or boat. If you own a vacation home that you rent to others, you generally must report the rental income on your federal income tax return. But you may not have to report that income if the rental period is short. In most cases, […]

Reminder: IRS to be Closed July 5 Due to Budget and Sequester; Filing and Payment Deadlines Unchanged

WASHINGTON — The Internal Revenue Service today reminded taxpayers that due to the current budget situation, including the sequester, the agency will be shut down on Friday, July 5. As was the case on May 24 and June 14, the first two furlough days, all IRS operations will again be closed on July 5. This […]

Tax Tips if You’re Starting a Business

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 from the IRS that can help you get started. 1. Type of Business.  Early on, you will need to decide the type of business you are […]