Tax credits and deductions for individuals

Tax credits and deductions change the amount of a person's tax bill or refund. People should understand which credits and deductions they can claim and the records they need to show their eligibility. Tax credits A tax credit reduces the income tax bill dollar-for-dollar that a taxpayer owes based on their tax return. Some tax credits, such [...]

By |2024-11-18T15:38:47+00:00January 18th, 2024|Tax Tips|Comments Off on Tax credits and deductions for individuals

Choosing a reputable tax preparer is vital to tax security

As people get ready for tax filing season, it's important that they select tax return preparers with the skills, education and expertise to prepare tax forms properly. Taxpayers are ultimately responsible for all the information on their tax return, regardless of who prepares it. There are many types of tax preparers, including certified public accountants (CPAs), [...]

By |2024-11-18T15:30:24+00:00December 18th, 2023|Tax Tips|Comments Off on Choosing a reputable tax preparer is vital to tax security

Clean vehicle credits can help car buyers pay less at the dealership

Taxpayers who buy a qualifying new or used clean vehicle may be able to transfer their tax credits to the dealer in exchange for a financial benefit – such as a lower cost – starting Jan. 1, 2024. Benefits of transferring the credit Taxpayers can now claim tax credits for new and used clean vehicles [...]

By |2024-11-18T15:26:46+00:00November 18th, 2023|Tax Tips|Comments Off on Clean vehicle credits can help car buyers pay less at the dealership

IRS reminds extension filers to have all their info before visiting a tax professional

The deadline is around the corner for taxpayers with an extension to file. It's important for taxpayers to gather all their records and get copies of any missing documents before they sit down to prepare their return, and taxpayers who use a professional tax preparer should make sure they have all their information ready before [...]

By |2023-10-12T18:26:34+00:00October 12th, 2023|Tax Tips|Comments Off on IRS reminds extension filers to have all their info before visiting a tax professional

Builders of new energy efficient homes may qualify for an expanded tax credit

Eligible contractors who build or substantially reconstruct qualified new energy efficient homes may be eligible for a tax credit up to $5,000 per home. The actual amount of the credit depends on eligibility requirements such as the type of home, the home's energy efficiency and the date when someone buys or leases the home. Eligible [...]

By |2023-10-12T18:24:46+00:00September 21st, 2023|Tax Tips|Comments Off on Builders of new energy efficient homes may qualify for an expanded tax credit

Tax basics for setting up a business

Starting a new business can seem overwhelming for new entrepreneurs or even seasoned professionals. The IRS has resources to help new business owners understand the tax responsibilities of running a business. Here are a few things any entrepreneur needs to do when starting their business. Choose a business structure The form of business determines which income tax return a [...]

By |2023-10-12T18:22:13+00:00September 7th, 2023|Tax Tips|Comments Off on Tax basics for setting up a business

Educator Expense Deduction helps teachers cut classroom costs

Teachers often buy classroom supplies with their own money. The Educator Expense Deduction helps them get some of that money back. Eligible teachers and administrators can deduct part of the cost of technology, supplies and training from their taxes. They can claim this deduction only for expenses that weren't reimbursed by their employer, a grant [...]

By |2023-10-12T18:15:26+00:00August 29th, 2023|Tax Tips|Comments Off on Educator Expense Deduction helps teachers cut classroom costs

Information for organizations applying for tax-exempt status

Organizations applying for tax-exempt status must be organized and operated exclusively for any of these purposes: charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports competition, or preventing cruelty to children or animals. Organizations that want to apply for recognition of tax-exempt status under IRC 501(c)(3) will complete and [...]

By |2023-10-12T18:13:14+00:00August 13th, 2023|Tax Tips|Comments Off on Information for organizations applying for tax-exempt status

Homeowners: review these house-related deductions and programs

The summer months are a popular time to buy or sell a house. New homeowners should put reviewing the tax deductions, programs and housing allowances they may be eligible for on their move in to-do list. Deductible house-related expenses Most home buyers take out a mortgage loan to buy their home and then make monthly [...]

By |2023-10-12T18:04:26+00:00July 28th, 2023|Tax Tips|Comments Off on Homeowners: review these house-related deductions and programs

Tax tips for new parents

Kids are expensive. Whether someone just brought a bundle of joy home from the hospital, adopted a teen from foster care, or is raising their grandchild. There are several tax breaks that can help. Here are some tax tips for new parents Get the child a Social Security or Individual Tax Identification number To claim [...]

By |2023-10-12T18:00:35+00:00July 12th, 2023|Tax Tips|Comments Off on Tax tips for new parents
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