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

People should be on the lookout for identity theft involving unemployment benefits

The IRS urges taxpayers whose identities may have been used by thieves to steal unemployment benefits to file a tax return claiming only the income they actually received. In 2020, millions of taxpayers were affected by the COVID-19 pandemic through job loss or reduced work hours. Some taxpayers applied for and received unemployment compensation from their state. [...]

By |2021-05-03T15:27:42+00:00February 24th, 2021|Tax Tips|Comments Off on People should be on the lookout for identity theft involving unemployment benefits

All taxpayers are now eligible for identity protection PINs

The IRS has expanded the Identity Protection PIN Opt-In Program to all taxpayers who can verify their identity. The Identity Protection PIN is a six-digit code known only to the taxpayer and to the IRS. It helps prevent identity thieves from filing fraudulent tax returns using a taxpayers' personally identifiable information. Here are a few [...]

By |2021-05-03T15:36:27+00:00January 26th, 2021|Tax Tips|Comments Off on All taxpayers are now eligible for identity protection PINs

What You Should Know About Your Charitable Donations in 2020

The arrival of the holiday season is when many people think about how they can give back. Often taxpayers want to donate to a charity. This year, the new “universal” deduction makes it easier for people to receive a tax benefit for giving. Because the deduction is taken “above the line,” it reduces, by up [...]

By |2020-12-22T18:09:13+00:00December 6th, 2020|Tax Tips|Comments Off on What You Should Know About Your Charitable Donations in 2020

What You Should Know About Charitable Contributions in 2020

Here's how the CARES Act changes deducting charitable contributions made in 2020: Whether taxpayers are supporting natural disaster recovery, COVID-19 pandemic aid or another cause that's personally meaningful to them, their charitable donations may be tax deductible. These deductions basically reduce the amount of their taxable income. Passed in late March, the federal government's COVID-19 relief package [...]

By |2020-11-20T14:45:16+00:00November 15th, 2020|Tax Tips|Comments Off on What You Should Know About Charitable Contributions in 2020

A Tax Checklist For Newly Married Couples

Marriage changes a lot of things and taxes are on that list. Newlyweds should know how saying “I do” can affect their tax situation. Here’s a checklist of items for newly married couples to review: Name and address changes Name. When a name changes through marriage, it is important to report that change to the Social [...]

By |2020-11-20T14:45:53+00:00September 16th, 2020|Tax Tips|Comments Off on A Tax Checklist For Newly Married Couples

Unemployment compensation is taxable; have tax withheld now and avoid a tax-time surprise!

With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today reminded people receiving unemployment compensation that they can have tax withheld from their benefits now to help avoid owing taxes on this income when they file their federal income tax return next year. By law, [...]

By |2020-11-20T14:49:03+00:00August 21st, 2020|Tax Tips|Comments Off on Unemployment compensation is taxable; have tax withheld now and avoid a tax-time surprise!

Tax credits can help offset the cost of higher education

Whether it's online, in-person, part-time or full-time, higher education can be expensive. The good news is there are tax credits that can help offset these costs. These credits reduce the amount of tax someone owes. If the credit reduces tax to less than zero, the taxpayer could even receive a refund. Taxpayers who pay for [...]

By |2020-11-20T14:49:34+00:00August 18th, 2020|Tax Tips|Comments Off on Tax credits can help offset the cost of higher education

Good Record Keeping Is Essential To Good Business & Good Tax Planning!

Now is a good time for people to begin thinking about next year's tax return. While it may seem early to be preparing for 2021, reviewing your record keeping now will pay off when it comes time to file again.  You need good records to prepare accurate financial statements. These include income (profit and loss) [...]

By |2020-11-20T14:53:21+00:00August 16th, 2020|Tax Tips|Comments Off on Good Record Keeping Is Essential To Good Business & Good Tax Planning!
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