New year, new job? If you’ve decided it’s time to move on from your current position and look for a new one, you may be able to deduct some of your job search costs. Here’s what you need to know:
1. Same Occupation. You can’t deduct expenses for a job search in a new occupation; your expenses must be for a job search in your current line of work.
2. Resume Costs. You can deduct the cost of preparing and mailing your resume. Read more
If you paid someone to care for a person in your household last year while you worked or looked for work, then you may be able to take the Child and Dependent Care Tax Credit and reduce the amount of tax owed.
Here are 12 facts you should know about this important tax credit:
1. Child, Dependent or Spouse. You may be able to claim the credit if you paid someone to care for your child, dependent or spouse last year. Read more
You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2015 earnings and withheld taxes no later than February 1, 2016 (if mailed, allow a few days for delivery).
If you do not receive your Form W-2, contact your employer to find out if and when the W-2 was mailed. If it was mailed, it may have been returned to your employer because of an incorrect address. After contacting your employer, allow a reasonable amount of time for your employer to resend or to issue the W-2. Read more
If you are having trouble paying your debts, it is important to take action sooner rather than later. Doing nothing leads to much larger problems in the future, whether it’s a bad credit record or bankruptcy resulting in the loss of assets and even your home. If you’re in financial trouble, then here are some steps to take to avoid financial ruin in the future.
If you’ve accumulated a large amount of debt and are having difficulty paying your bills each month, now is the time to take action–before the bill collectors start calling.
1. Review each debt. Make sure that the debt creditors claim you owe is really what you owe and that the amount is correct. If you dispute a debt, first contact the creditor directly to resolve your questions. If you still have questions about the debt, contact your state or local consumer protection office or, in cases of serious creditor abuse, your state Attorney General. Read more
Social security benefits include monthly retirement, survivor, and disability benefits. If you received Social security benefits in 2015, you should receive a Form SSA-1099, Social Security Benefit Statement, showing the amount.
Note: Supplemental Security Income (SSI) payments are not taxable.
If Social Security was your only source of income in 2015 your benefits might not be taxable. You also may not need to file a federal income tax return this year; however, if you receive income from other sources, then you may have to pay taxes on some of your benefits.
Your income and filing status affect whether you must pay taxes on your Social Security. An easy method of determining whether any of your benefits might be taxable is to add one-half of your Social Security benefits to all of your other income, including any tax-exempt interest. Read more