Taxable and Nontaxable Income

Most types of income are taxable, but some are not. Income can include money, property or services that you receive. Here are some examples of income that are usually not taxable: Child support payments; Gifts, bequests and inheritances; Welfare benefits; Damage awards for physical injury or sickness; Cash rebates from a dealer or manufacturer for […]

IRS To Accept Tax Returns with Education Credits, Depreciation Next Week

Its official. WASHINGTON — The Internal Revenue Service announced today that taxpayers will be able to start filing two major tax forms next week covering education credits and depreciation. Starting Sunday, Feb. 10, the IRS will start processing tax returns that contain Form 4562, Depreciation and Amortization. And on Thursday, Feb. 14, the IRS plans […]

IRS to lift delay of certain tax returns

We just received the following flash alert. Effective 9:00 am Eastern time on Sunday, February 10, 2013, the IRS will start processing 2012 returns that contain Form 4562, Depreciation and Amortization. This will include the Form 1040-family tax returns, Form 1065/1065-B, Form 1120-family tax returns and Form 990-family tax returns. On Thursday, February 14, 2013, […]

Horry County Resident Arrested on 12 State Tax Charges

It would appear that the South Carolina Department of Revenue has reconstituted its efforts at arresting those who seem to struggle with following state tax law.   You may recall that the SCDOR was on a bit of a roll locking up tax cheats up until the recent unpleasantness regarding data hacking of private taxpayer information.  […]

SC Department of Revenue Reminds Taxpayers of New Office Location

Columbia, SC (February 8, 2013) — Whether picking up tax forms or meeting with a representative, the Department of Revenue is reminding taxpayers to visit the agency’s Main Office location at 300A Outlet Pointe Boulevard in Columbia. In December 2012, the Department of Revenue’s Main Office in Columbia opened its doors to the public at […]

Missing Your W-2? Here’s What to Do

It’s a good idea to have all your tax documents together before preparing your 2012 tax return. You will need your W-2, Wage and Tax Statement, which employers should send by the end of January. Give it two weeks to arrive by mail. If you have not received your W-2, follow these three steps: 1. Contact […]

Six Important Facts about Dependents and Exemptions

While each individual tax return is unique, there are some tax rules that affect every person who files a federal income tax return. These rules involve dependents and exemptions. The IRS has six important facts about dependents and exemptions that will help you file your 2012 tax return. 1. Exemptions reduce taxable income.  There are two […]

IRS Intensifies National Crackdown on Identity Theft; Part of Wider Effort to Protect Taxpayers, Prevent Refund Fraud

WASHINGTON – Continuing a year-long enforcement push against refund fraud and identity theft, the Internal Revenue Service today announced the results of a massive national sweep in recent weeks targeting identity theft suspects in 32 states and Puerto Rico, which involved 215 cities and surrounding areas. The coast-to-coast effort against 389 identity theft suspects led […]

Use the IRS Data Retrieval Tool when applying for student financial aid

It is that time of the year when many parents and students are working on obtaining financial aid to pursue higher education.  Tax On Wheels, LLC does not prepare FAFSA forms but we may be able to assist you by making sure you have the necessary tax forms to complete your FAFSA quickly and efficiently.  […]

Comprehensive Summary of The American Taxpayer Relief Act of 2012: A Fiscal Cliffhanger

At the beginning of the year we offered a quick summary of The American Taxpayer Relief Act of 2012.  We hope you found it useful even though it was designed as a superficial quick read of the highlights. For anyone who is interested in more specific details of the Act, I am pleased to announce […]