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 [...]
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) [...]
The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home than ever before, some taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. Here are some things to help taxpayers understand the home office deduction [...]
Every year the IRS mails letters or notices to taxpayers for many different reasons. You may receive a notice or letter for one of the following reasons: You have a balance due. You are due a larger or smaller refund. The IRS has a question about your tax return. The IRS needs to verify your [...]
Paycheck Protection Program PPP Loan forgiveness application form. Borrowers who received Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act are wanting to know if they will qualify for PPP loan forgiveness. Many business owners and even larger companies are feeling anxious about the requirements for loan [...]
Temporary Suspension of Limits on Charitable Contributions In most cases, the amount of charitable cash contributions taxpayers can deduct on Schedule A as an itemized deduction is limited to a percentage (usually 60 percent) of the taxpayer’s adjusted gross income (AGI). Qualified contributions are not subject to this limitation. Individuals may deduct qualified contributions of [...]
With cyberthieves active during COVID-19, organizations are urged to maintain a heightened state of alert as cybercriminals seek to exploit Covid-19 concerns. There are security steps that can be taken to ensure you are fully protecting client data whether working in the office or a remote location. To guard against cyberthreats, employers should consider: Requiring [...]
If you find yourself unable to complete your 2019 federal tax return by the deadline (July 15 in 2020 for filing 2019 taxes), you’ll first need to file an extension with the IRS to avoid any potential late-filing or late payment penalties. Filing an extension will allow you to push your deadline to October 15, 2020. [...]
Don’t panic. If you cannot pay the full amount of taxes you owe, you should still file your return by the deadline and pay as much as you can to avoid penalties and interest. There is a penalty for failure to file a return on time so even if you can't pay in full, be [...]
Unclaimed income tax refunds worth more than $1.5 billion await an estimated 1.4 million individual tax payers who did not file a 2016 federal income tax return. However, there is only a three year window to claim these refunds. That window closes on July 15. The following information was provided by the Internal Revenue Service [...]