Nov 14, 2014 | Individual Income Tax Returns, Taxable Income
Rental income is taxable, but not everything you collect from your tenants is taxed. You can lower your rental income by subtracting the expenses incurred when getting your property ready for rent and then keeping it maintained as a rental. Rental income and expenses...
Nov 14, 2014 | Individual Income Tax Returns, Taxable Income
All or some of the amounts you receive could be taxable if you get retirement benefits from annuity or pension payments. They are fully taxable if you have no investment in the contract because you didn’t contribute anything for the pension or annuity, your employer...
Nov 14, 2014 | Individual Income Tax Returns, Taxable Income
If you lose your home through foreclosure or have restructured your mortgage loan, you could qualify for tax relief under the Mortgage Forgiveness Debt Relief Act. You can exclude up to $2 million of debt forgiven by or cancelled by a lender on your personal...
Nov 14, 2014 | Individual Income Tax Returns, Taxable Income
If you receive either of these benefits, you will receive a Form SSA-1099, which will let you know how much money you received in benefits. Social Security benefits include disability, retirement, and survivor benefits. If your only form of income is Social Security,...
Nov 14, 2014 | Arizona Individual Tax Credits, Individual Income Tax Returns, Tax Credits
These include the American Opportunity Credit and Lifetime Learning Credit. The full value of education credits is available to single taxpayers with a modified AGI of $63,000 a year or less and to married couples filing jointly with an income of $127,000 a year or...
Nov 14, 2014 | Arizona Individual Tax Credits, Individual Income Tax Returns, Tax Credits
This tax credit is figured out on Schedule R (Form 1040 or 1040A). To qualify, you must be 65 years of age or older, be retired on permanent or total disability, and have taxable disability income. Your AGI must be less than $17,500 if you are filing as a single...
