Entries by AFS Taxsavers

Five Key Points about Children with Investment Income

Special tax rules may apply to some children who receive investment income. The rules may affect the amount of tax and how to report the income. Here are five key points to keep in mind if your child has investment income:   Investment Income.  Investment income generally includes interest, dividends and capital gains. It also […]

Top Six Tips about the Home Office Deduction

If you use your home for business, you may be able to deduct expenses for the business use of your home. If you qualify you can claim the deduction whether you rent or own your home. If you qualify for the deduction you may use either the simplified method or the regular method to claim […]

AFS Taxsavers Staff Updates

Goodbye David Allen. David has taken on a new position with a different organization. (Yes, in the middle of tax season!) We want to ensure our clients that with this change, Taxsavers will be working hard to make this transition as smooth as possible.  We have all hands on deck to assist each client with their […]

Cut Taxes and Save on Energy Bills with Home Energy Credits

You can reduce your taxes and save on your energy bills with certain home improvements.  Here are some key facts that you should know about home energy tax credits: Non-Business Energy Property Credit  Part of this credit is worth 10 percent of the cost of certain qualified energy-saving items you added to your main home […]

Top Facts about Adoption Tax Benefits

If you adopted or tried to adopt a child in 2014, you may qualify for a tax credit. If your employer helped pay for the costs of an adoption, you may be able to exclude some of your income from tax. Here are ten things you should know about adoption tax benefits. Credit or Exclusion.  […]

Are You Self Employed? Check Out These IRS Tax Tips

Many people who carry on a trade or business are self-employed. Sole proprietors and independent contractors are two examples of self-employment. If this applies to you, there are a few basic things you should know about how your income affects your federal tax return. Here are six important tips about income from self-employment: SE Income.  […]

Top 10 Tax Tips about Home Mortgage Debt Cancellation

If your lender cancels part or all of your debt, you normally must pay tax on that amount. However, the law provides for an exclusion that may apply to homeowners who had their mortgage debt cancelled in 2014. In most cases where the exclusion applies, the amount of the cancelled debt is not taxable. Here […]