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Dividends Dividend income is taxable dividend income reported to you on Form 1099-DIV. Stock dividends and dividend income are distributions from corporations of money, stock, or other property due to your ownership of shares in the corporation. Corporate dividends are …
Interest Income Taxable Interest income is taxable income usually from a Form 1099-INT earned from various investments. Interest income may be earned from bank accounts, money market accounts, certificates of deposit, Treasury bills, notes, bonds, cooperative banks, credit unions, loan …
Non Cash Donations, such as clothing, household items, cars, boats, and airplanes, may be deducted on your income tax return if you itemize deductions and donate them to a qualified organization. However, you should keep substantiation for all non-cash donations and …
Wages, salaries and other compensation are reported as taxable income on Line 7 of you Form 1040 income tax return. Wages and salaries are reported to you from Box 1 of your Form W-2 form from your employer. If you …
Medical Expenses are the costs of prevention, diagnosis, and treatment of disease. They include payments for legal medical services by physicians, surgeons, dentists, and other medical practitioners. In addition, remember necessary costs of equipment, supplies, and diagnostic devices. You must be able …
Home Mortgage Interest may be deducted on Schedule A Form 1040 if you itemize deductions instead of taking the standard deduction for your filing status. Taxpayers should deduct their home mortgage interest, ordinary points, and after 2006 even home mortgage …
Miscellaneous itemized deductions are expenses shown near the bottom of Form 1040 Schedule A. Certain other expenses can be deducted as itemized deductions. To deduct miscellaneous expenses, the expenses must be incurred for one of the following: To produce or collect income …
Tax Rates Tax rates represents your federal income tax brackets related to your level of income. Each taxpayer should refer to the tax rate schedule and your filing status to determine your tax bracket. When PE problem can be treated with herbal …
Rental income and expenses is reported on Form 1040 Schedule E. If you rent out a home, condo, townhouse, or any other type of rental property also known as rental real estate, then you must report the rental income received and …
Itemized deductions are included on Form 1040 Schedule A of your federal income tax return and reduce your taxable income. Itemized deductions include: Medical and dental expenses Real estate taxes Home mortage interest Charitable contributions and donations Casualty or theft losses Today …