Category: Blog

Education Credit: All You Need to Know

Education credit enables people to afford the increasing costs of higher education by reducing the amount of tax owed on their overall tax return. If you’re paying for higher education, the US government grants you aid in the form of an education credit that reduces your tax liability. In other words, the education credits that you receive are adjusted against the tax you owe to the IRS. The best part is that if the credit you receive reduces your tax liability to less than zero, you become eligible for a partial refund, provided you fulfill other requirements. Types of Education

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Tax Exemption on Home Sale Gains: FAQs

Tax Exemption on Home Sale Gains

Whether large or small, tax exemptions are a welcomed relief for taxpayers. Ironically, many people are either unable or unaware of the tax exemptions that may apply to them, and miss the chance to take advantage of these savings. In this blog post, we’ll answer some of the most commonly asked questions about one benefit in particular: home sale gains. Let’s look at the tax exemption gains driven by the sale of a house. 1. What are the requirements? To be eligible for a partial or full tax exemption on the gains from the sale of your home, you must

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Military Tax Tips FYI. Uncle Sam’s tax breaks for YOU!

While nothing can truly compensate for the dedication our military men and women give our country, there are a few tax benefits people in the US Armed Forces get from Uncle Sam as a way of saying ‘thank you’ for your service. Too often these benefits go unused because almost no one has less time to research tax benefits than military personnel, especially if they are not working with a tax professional knowledgeable in this area. If you or a member of your family is part of the US Armed Forces, make sure your tax professional knows the cost saving

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Tax Lawyer Nick Nemeth Offers Tips on Your Taxes If You Receive Social Security Benefits

Tax lawyer Nick Nemeth offers some great tips that can help you with your taxes if you receive social security benefits. If you are a recipient of social security benefits, a portion of these benefits may be taxable. According to attorney Nick Nemeth many people have questions about their Social Security benefits. This area of tax requirements can be confusing. The following tips from the IRS can help you evaluate whether you owe taxes on the benefits that you received during the year. These tips can also help you identify the best method to file the tax return. Any social

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Do You Need to File a Tax Return for 2014?

The IRS tax filing requirements can be very complicated, and Dallas Fort Worth attorney Nick Nemeth often sees clients who have ended up in a dispute with the IRS. The tax code is so complicated that it can be difficult for someone to even determine whether they need to file a tax return for 2014 or not. In some cases it would be beneficial to file a tax return for 2014 even if you have no legal requirement to do so, in order to get a refund and take advantage of certain tax credits. The Law Offices of Nick Nemeth

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Tax Deduction and Exemption Facts Everyone Needs to Know

Almost anybody can claim an exemption when they file a tax return. This lowers the amount of taxable income. Some of the top tax deduction and exemption facts that everyone should know include: In addition to a personal exemption for yourself, an exemption is also allowed for each dependent, as long as certain qualifying factors are met. In order to claim someone as a dependent certain criterion must be met. You are almost never allowed to claim your spouse as your dependent. Any dependent claimed must have a valid social security number. Choose to electronically file your taxes. E-file is

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The IRS Takes Advantage of Taxpayers Who Do Not Know Their Rights

According to taxpayer advocate and Dallas based tax attorney Nick Nemeth the IRS takes advantage of taxpayers who do not know or fully understand their rights under the US tax code and the current laws. In this situation IRS agents may violate the rights of the taxpayer in the hope that the individual does not realize this is happening. Americans have a set of fundamental rights whenever there is a dispute or even contact with the Internal Revenue Service, but it is up to the taxpayer to know what these rights are so they are aware of it if one

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Don’t Get Suckered: Five IRS Myths Exposed

  Any taxpayer feels a bolt of fear when they look in the mailbox and see correspondence from the IRS, or when they answer a phone call and it is the IRS on the other end of the line. This government agency is the most well known, the most feared, and the least liked out of all the government agencies, and for very good reasons. The Internal Revenue Service has a variety of powers, and this agency can make the life of any taxpayer miserable when the taxpayer does not comply or understand their rights. The IRS uses fear, exaggeration,

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