Source: Internal Revenue Service (IRS)

Issue Number:    IRS Tax Tip 2014-26

Bartering is the trading of one product or service for another. Often there is no exchange of cash. Small businesses sometimes barter to get products or services they need. For example, a plumber might trade plumbing work with a dentist for dental services. If you barter, you should know that the value of products or services from bartering is taxable income.

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1st_Source_color_logoThe Pro$perity Building Campaign is sponsored by our great community partner 1st Source Bank.

Source: Internal Revenue Service (IRS)

Issue Number:    IRS Tax Tip 2013-25

Some people are surprised to learn they’re due a large federal income tax refund when they file their taxes. Others are surprised that they owe more taxes than they expected. When this happens, it’s a good idea to check your federal tax withholding or payments. Doing so now can help avoid a tax surprise when you file your 2014 tax return next year.

Here are some tips to help you bring the tax you pay during the year closer to what you’ll actually owe.

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Source: Internal Revenue Service (IRS)

Issue Number:    IRS Tax Tip 2013-24

If you’re selling your main home this summer or sometime this year, the IRS has some helpful tips for you. Even if you make a profit from the sale of your home, you may not have to report it as income.

Here are 10 tips from the IRS to keep in mind when selling your home.

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Source: Internal Revenue Service (IRS)

Issue Number:    IRS Tax Tip 2013-18

If you’re looking for a way to help your community, then consider becoming a tax volunteer. The IRS is looking for volunteers now who will provide free tax help next year.

Volunteer Income Tax Assistance and Tax Counseling for the Elderly are community-based programs. They provide free tax return preparation for people who need tax help but can’t afford it. People with low-to-moderate incomes, seniors, people with disabilities and those with limited English skills usually qualify for this free service.

Here are six good reasons why you should become a VITA or TCE volunteer.

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