- Renting Your Vacation Home
- If you own a home in a vacation locale – whether it is your primary residence or a vacation home – and are considering renting it out to others, there are complicated tax rules, referred to as the “vacation home rental rules,” that you need to be aware of.
- Job Search Expenses Can Be Tax Deductible
- Summertime is the season that often leads to major life decisions, such as buying a home, moving or a job change. If you are looking for a new job that is in the same line of work, you may be able to deduct some of your job-hunting expenses on your federal income tax return.
- Those Olympic Medals Are Taxed
- You may have never given it a thought as you watched our Olympic team compete in London, but did you know that a gold medal winner receives a $25,000 monetary award in addition to the gold medal, which itself is worth approximately $675, and both are taxed by the IRS? That's right, just like game show winners, the winning athletes are taxed on their winnings, including the value of the medals themselves.
- Special Tax Benefits for Armed Forces Personnel
- U.S. military personnel and their families face unique life challenges with their duties, expenses, and transitions. The tax code includes numerous special tax benefits that are available to them. Here are several of the most prominent of those tax breaks:
- SE Health Insurance Deduction: Has the IRS Gotten It Right?
- It seems the IRS cannot make up their minds related to the self-employed health insurance deduction. Although it made sense that the Medicare premiums paid by a self-employed individual should be allowed as part of the self-employed health insurance deduction, the IRS said no in their 1040 instruction through 2009. Then for 2010 returns, without any fanfare, they quietly modified the instructions, allowing the self-employed individual to include his or her premium in the computation of the self-employed health insurance deduction and suggested prior year returns where the 3-year statute of limitations had not expired could be amended.
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