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So far Sharon Hansen has created 41 blog entries.

How small business owners can deduct their home office from their taxes

IRS TAX TIPS  January 2022 The home office deduction allows qualified taxpayers to deduct certain home expenses when they file taxes. To claim the home office deduction on their 2021 tax return, taxpayers generally must exclusively and regularly use part of their home or a separate structure on their property as their primary place of business. Here are some [...]

By |2022-02-13T13:10:27+00:00January 30th, 2022|Uncategorized|Comments Off on How small business owners can deduct their home office from their taxes

Get ready for taxes: Here’s what’s new and what to consider when filing in 2022

The IRS encourages taxpayers to get informed about topics related to filing their federal tax returns in 2022. These topics include special steps related to charitable contributions, economic impact payments and advance child tax credit payments. Taxpayers can visit IRS.gov/getready for online tools, publications and other helpful resources for the filing season. Here are some key items [...]

By |2022-02-13T13:17:42+00:00December 30th, 2021|Business Owners, Tax Tips|Comments Off on Get ready for taxes: Here’s what’s new and what to consider when filing in 2022

Some important things all taxpayers should do before the tax year ends

The IRS reminds taxpayers there are things they should do before the current tax year ends on December 31. Donate to charity Taxpayers may be able to deduct donations to tax-exempt organizations on their tax return. As people are deciding where to make their donations, the IRS has a tool that may help. Tax Exempt Organization [...]

By |2022-02-13T13:21:50+00:00November 30th, 2021|Uncategorized|Comments Off on Some important things all taxpayers should do before the tax year ends

Small business advertising and marketing costs may be tax deductible

The tax law allows businesses to deduct expenses that help them bring in new customers and keep existing ones. These costs may include expenses for advertising and marketing. Here are some details about this valuable tax deduction that can help small businesses save money on their taxes. Advertising and marketing costs must be ordinary and [...]

By |2022-02-13T13:25:21+00:00October 30th, 2021|Uncategorized|Comments Off on Small business advertising and marketing costs may be tax deductible

Expanded tax benefits help individuals and businesses give to charity in 2021

Recent legislation includes several provisions to help individuals and businesses who give to charity. The new law generally extends four temporary tax changes through the end of 2021. Here's an overview of these changes. Deduction for individuals who don't itemize Usually taxpayers who take the standard deduction cannot deduct their charitable contributions. The law now permits [...]

By |2022-02-13T13:27:45+00:00September 30th, 2021|Uncategorized|Comments Off on Expanded tax benefits help individuals and businesses give to charity in 2021

What is the Educator Expense Tax Deduction?

The Educator Expense Deduction allows eligible educators to deduct up to $250 worth of qualified expenses from their income. If you're an eligible educator, you can deduct up to $250 ($500 if married filing jointly and both spouses are eligible educators, but not more than $250 each) of unreimbursed trade or business expenses. Qualified expenses [...]

By |2021-08-16T15:29:37+00:00August 1st, 2021|Uncategorized|Comments Off on What is the Educator Expense Tax Deduction?

What taxpayers need to know about making 2021 estimated tax payments

Small business owners, self-employed people, and some wage earners should look into whether they should make estimated tax payments this year. Doing so can help them avoid an unexpected tax bill and possibly a penalty when they file next year. Taxpayers who earn a paycheck usually have their employer withhold tax from their checks. This [...]

By |2021-08-16T14:36:44+00:00July 16th, 2021|Tax Tips|Comments Off on What taxpayers need to know about making 2021 estimated tax payments

Should you accept the advance payment from the IRS on the Child Tax Credit? Or should you UNENROLL???

There is a lot of buzz in the news about the upcoming Advance Child Tax Credit payments.  The big question is, should you accept the payments or would you be better off unenrolling?  The answer is not so cut and dry.  The best advice we could give is to look hard at your individual situation, [...]

By |2021-06-25T12:53:47+00:00June 25th, 2021|IRS News|Comments Off on Should you accept the advance payment from the IRS on the Child Tax Credit? Or should you UNENROLL???

IRS has options for gig economy workers and those with unemployment benefits

WASHINGTON — The Internal Revenue Service reminds workers in the gig economy and those who claimed unemployment compensation in 2020 of their options and where to find information on meeting their tax obligations.   Gig economy The gig economy refers to income earned providing on-demand work performing services or selling goods, including driving a car [...]

By |2021-05-03T14:58:12+00:00May 3rd, 2021|IRS News|Comments Off on IRS has options for gig economy workers and those with unemployment benefits

IRS suspends requirement to repay excess advance payments of the 2020 Premium Tax Credit

The American Rescue Plan Act of 2021 suspends the requirement that taxpayers increase their tax liability by all or a portion of their excess advance payments of the Premium Tax Credit (excess APTC) for tax year 2020. A taxpayer's excess APTC is the amount by which the taxpayer's advance payments of the Premium Tax Credit (APTC) [...]

By |2021-05-03T15:14:22+00:00April 15th, 2021|IRS News|Comments Off on IRS suspends requirement to repay excess advance payments of the 2020 Premium Tax Credit
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