Source: Internal Revenue Service (IRS)

IRS Tax Tip 2013-46

When you are self-employed, it typically means you work for yourself, as an independent contractor, or own your own business. Here are six key points the IRS would like you to know about self-employment and self-employment taxes:

1. Self-employment income can include pay that you receive for part-time work you do out of your home. This could include income you earn in addition to your regular job.

2. Self-employed individuals file a Schedule C, Profit or Loss from Business, or Schedule C-EZ, Net Profit from Business, with their Form 1040.

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Each year millions of American families forgo valuable income when they fail to claim tax credits for which they are eligible. That means that millions of dollars of tax credits go unclaimed every year. Tax credits — including the Earned Income Tax Credit (EITC), Child Tax Credit (CTC), and Child and Dependent Care Tax Credit (CDCTC) — provide an indispensable financial boost to vulnerable women and families struggling to make ends meet. 

The National Women's Law Center has a new and improved Tax Credits Outreach Resources. They have made it easier than ever for advocates to spread the word about these credits.

The new resources include: 

  • State-specific outreach fliers in English and Spanish 
  • Our Toolkit for Advocates, with sample: 
    • Newsletter
    • LTE
    • PSA script
    • Press release
    • Social Media tools
    • List of what to bring to free tax preparation sites
  • Fact sheets on tax credits for families and tax information for domestic violence advocates
  • A link to sign up to become an NWLC Community Partner

 

Source: National Women's Law Center

Source: Internal Revenue Service (IRS)

IRS Summertime Tax Tip 2012-24

Whether you roll the dice, bet on the ponies, play cards or enjoy slot machines, you should know that as a casual gambler, your gambling winnings are fully taxable and must be reported on your income tax return. You can also deduct your gambling losses…but only up to the extent of your winnings.

Here are five important tips about gambling and taxes:

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Source: Internal Revenue Service (IRS)

Summertime Tax Tip 2012-20

Contributing money and property are ways that you can support a charitable cause, but in order for your donation to be tax-deductible, certain conditions must be met.  Read on for six things the IRS wants taxpayers to know about deductibility of donations.

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Source: Internal Revenue Service (IRS)

Summertime Tax Tip 2012-19

If you’ve recently updated your status from single to married, you’re not alone – late spring and summertime is a popular period for weddings. Marriage also brings about some changes with your taxes. Here are several tips for newlyweds from the IRS.

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