Filing paperwork, accurate bookkeeping and making estimated quarterly tax payments. If you had to list out the least-enjoyed tasks by most business owners, taking care of accounting and other financial matters is probably right at the top. Yet at the same time, a lot of those same business owners are struggling. Maybe they had a …
Tax Central
Haven’t Filed Tax Returns For Multiple Years? Here’s What You Need To Do Next
If you haven’t filed tax returns for awhile, you’re not alone. In fact, you’d be hard-pressed to find someone who actually enjoys the process of filing taxes. Having said that, it’s something that needs to happen annually, regardless of the fun factor. There are a myriad of different reasons why you may have fallen behind …
Haven’t Filed Tax Returns For Multiple Years? Here’s What You Need To Do NextRead More
Video Tips: An Opportunity To Rollover Section 529 Plan To a Roth IRA
Families and students with an existing Section 529 plan who paid for their education an alternative way are anxious about left over funds. (This also includes those who or simply didn’t pursue a higher education.) The biggest concern is that the money will trapped in the 529 account unless they take a non-qualified withdrawal and …
Video Tips: An Opportunity To Rollover Section 529 Plan To a Roth IRARead More
Tax Benefits For Parents
While having children equates to having more household expenses, there are also some significant tax benefits for parents. If you are a parent, whether single, married or divorced, there are a significant number of tax benefits available to you, including deductions, credits, and filing status that can help put a dent in your tax liability. …
Many Taxpayers Will See Smaller Refunds in 2023
Concerned that you may see smaller refunds this year on your tax return? You have every right to, because it’s true. Congress has for years used the tax return as a means of providing benefits to taxpayers in need. In addition Congress has provided incentives to stimulate activities in business, as well as addressing environmental …
Wow! You Can Now Get A Tax Credit For Buying A Used Electric Vehicle
2023 brings with it a whole new set of rules related to qualifying for a tax credit for purchasing a used electric vehicle. This is the first time that used electric vehicles have ever qualified for a tax credit. While the credit is less than the credit for purchasing a new electric vehicle, what a …
Wow! You Can Now Get A Tax Credit For Buying A Used Electric VehicleRead More
Be On The Outlook For Tax Reporting Forms
With tax season upon us, your 2022 tax reporting forms should have already arrived, or will be arriving soon. These documents report income, sales and other items needed for your 2022 tax return. Be on the lookout for them and be careful not to accidently throw them out. Here are some of the common tax …
Video Tips: 2020 Unemployment Income – Final Adjustments Made by IRS
The Internal Revenue Service recently completed the final automatic corrections of tax year 2020 unemployment income for overpaid taxes. Some 12 million refunds were issued. These corrections were for taxpayers who overpaid their taxes on unemployment compensation they received in 2020. Watch the video to learn more.
Video Tips: 2020 Unemployment Income – Final Adjustments Made by IRSRead More
Who Claims The Children’s Tax Benefits – You Or Your Ex-Spouse?
Wondering who gets to claim the children’s tax benefits if you are a divorced or separated parent? While the question is common, the answer of who claims the child or children for tax purposes is often misunderstood. Often this is a hotly disputed issue between parents. However tax law includes specific but complicated rules about …
Who Claims The Children’s Tax Benefits – You Or Your Ex-Spouse?Read More
