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Tax Lounge Blogs- Posts Tagged with Federal Tax

Is my Social Security Income Taxable?

Determining whether Social Security Income is taxable causes a lot of confusion.  Beliefs regarding an answer are usually black and white.  Most believe that Social Security income is nev...

New 2011 Tax Law Changes Look Favorable

As economic reports show the economy improving, Congress voted in some tax laws that will benefit taxpayers.  Now there is a simple fact that we can all appreciate.  But tax laws change ...

How to Avoid an IRS Audit. Or it Least Make an Audit Less Likely!

Ask any taxpaying adult one of their worst nightmares, and they will tell you it is an IRS Audit.  IRS Audits are the one lottery that no one wants to win.  Yet, every year, tax payers ar...

To Hobby or Not to Hobby? That is the Question!

So you have a passion for shoes, panache for fixing things, or joy from cooking grandma's dessert recipes.  And you decide to fuel your passion/panache/joy, and pay your bills, by selling or sh...

Are Employee Business Expenses Simple to Deduct on your Taxes?

So you are an employee (receive a W-2) and you have some business expenses required for your job, but your employer does not pay you for them.  Can you take them off of your taxes? For expenses ...

Does it take a PhD to pick an education credit?

Several options exist for getting a tax break from education expense.  And, there is even a new one!  Sometimes with all of the options, it feels like you need a PhD to find the right educ...

Wondering how you can make with-holdings in your W-2 simpler?

Let’s start with the basics, like what is a W-4? A W-4 is a Federal forms that tells your employer how much federal tax to with-hold.  You can adjust your with-holding by changing your fil...

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