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Important Facts about Mortgage Debt Forgiveness

If your lender cancelled or forgave your mortgage debt, you generally have to pay tax on that amount. But there are exceptions to this rule for some homeowners who had mortgage debt forgiven in 2012. Here are 10 key facts from the IRS about mortgage debt forgiveness: 1. Cancelled debt normally results in taxable income. However, […]

Four Things You Should Know if You Barter

Small businesses sometimes barter to get products or services they need. Bartering is the trading of one product or service for another. Usually there is no exchange of cash. An example of bartering is a plumber doing repair work for a dentist in exchange for dental services. The IRS reminds all taxpayers that the fair […]

Ten Facts about Capital Gains and Losses

The term “capital asset” for tax purposes applies to almost everything you own and use for personal or investment purposes. A capital gain or loss occurs when you sell a capital asset. Here are 10 facts from the IRS on capital gains and losses: 1. Almost everything you own and use for personal purposes, pleasure or […]

Missing W-2?

South Carolina Taxpayers Are Reminded of ProtectMyID Enrollment

Columbia, SC (March 14, 2013) — The March 31, 2013 deadline to enroll with Experian’s ProtectMyID credit monitoring service is fast approaching and the SC Department of Revenue (DOR) is reminding taxpayers to sign up either online or by phone for the one-year, free service. Individuals who have not already enrolled with ProtectMyID are urged […]

IRS Has $917 Million for People Who Have Not Filed a 2009 Income Tax Return

WASHINGTON — Refunds totaling just over $917 million may be waiting for an estimated 984,400 taxpayers who did not file a federal income tax return for 2009, the Internal Revenue Service announced today. However, to collect the money, a return for 2009 must be filed with the IRS no later than Monday, April 15, 2013. […]

Four Tax Tips about Your Unemployment Benefits

If you received unemployment benefits this year, you must report the payments on your federal income tax return. Here are four tips from the IRS about unemployment benefits. 1. You must include all unemployment compensation you received in your total income for the year. You should receive a Form 1099-G, Certain Government Payments. It will show […]

Seven Important Tax Facts about Medical and Dental Expenses

If you paid for medical or dental expenses in 2012, you may be able to get a tax deduction for costs not covered by insurance. The IRS wants you to know these seven facts about claiming the medical and dental expense deduction. 1. You must itemize.  You can only claim medical and dental expenses for costs […]

Social Security Benefits and Your Taxes

Some people must pay taxes on their Social Security benefits. If you get Social Security, you should receive a Form SSA-1099, Social Security Benefit Statement, by early February. The form shows the amount of benefits you received in 2012. Here are five tips from the IRS to help you determine if your benefits are taxable: […]

First-Time Homebuyer Credit Look-up Tool Helps Taxpayers Who Must Repay the Credit

The IRS no longer mails reminder letters to taxpayers who have to repay the First-Time Homebuyer Credit. To help taxpayers who must repay the credit, the IRS website has a user-friendly look-up tool. Here are four reminders about repaying the credit and using the tool: 1. Who needs to repay the credit?  If you bought a […]