Tax Tips: I Do Declare

Did you know that there are hundreds of little things that you should be declaring on your tax returns? Here are some of the most important items that must be declared on your federal and state tax return.

All Sources of Income
The tax code of the Internal Revenue Service (IRS) requires that all income earned or received must be reported on your income tax returns. The categories of income recognized by the IRS include the following:

•    Wages, salaries and tips
•    Interest on bank accounts, certificates of deposit, bonds and other investments
•    Capital gains
•    Business income
•    Alimony
•    Income from bartering
•    Dividends
•    Annuities, pensions and lump-sum distributions
•    Rental revenues
•    Gambling income
•    Earnings from agriculture and fishing
•    401(k)
•    Unemployment benefits

Each of these types of income must be declared on your income tax return. In some cases, losses in … Read the rest “Tax Tips: I Do Declare”