Watch the video below to learn more about what most people forget to deduct on their tax return.
Watch the video below to learn more about key business areas on which the IRS continues to focus to better prepare your business for an audit.
The Tax Cuts and Jobs Act (TCJA) passed in late 2017 made big tax changes, including to individual tax rates. If you are self-employed or retired and pay your taxes on a quarterly basis, calculating your new tax obligation is going to be a little more complicated than usual. That’s because it could be difficult [Read More]
Three-fourths of filers get a tax refund every year, with the average check weighing in at $2,895. Here are some ideas to put that money to good use: #1: Pay off debt. If you have debt, part of your refund could be used to reduce or eliminate it. With high-interest credit card or auto loan debt, [Read More]
If you’ve ever had to care for a sick, elderly or disabled person, you know it can be difficult financially as well as emotionally. A recent study found that many caregivers are forced to make financial sacrifices, including delaying retirement, in order to help their loved ones. Luckily, there are three key federal income tax [Read More]
One of the things that’s going away under the new tax reform laws implemented this year is an employee’s ability to deduct unreimbursed expenses related to their job. Farewell to miscellaneous itemized deductions The deduction for unreimbursed employee expenses was among the qualified 2-percent miscellaneous itemized deductions that were eliminated by the Tax Cuts and [Read More]
In the federal budget bill passed Feb. 9, Congress revived dozens of expired tax breaks retroactively for 2017. Here are the ones you may be able to use: The tuition and fees deduction. If you paid qualified tuition and related higher education expenses, you may be able to deduct as much as $4,000 of those costs. [Read More]
Your mailbox has started filling up with tax forms over the last several weeks and there are likely more to come. Getting your forms organized makes your tax filing easier for everyone involved. Here are some tips on how to handle all the forms you get and to head off any potential problems. Collect them [Read More]
Scammers were very successful last year with a scheme to pry W-2 pay stub data away from employers. The IRS warned that it may be one of several techniques they use again this year. How the W-2 scam works Fraudsters simply identify employees with access to company payroll data and pretend to be a fellow [Read More]