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There are two federal tax credits available to help you offset the costs of higher education for yourself or your dependents. These are the American Opportunity Credit and the Lifetime Learning Credit. Visit our Blog to learn more.
If you file a joint return for your client and all or part of their tax refund is applied against their spouses past-due federal tax, state income tax, child or spousal support or federal nontax debt, such as a student loan, your client may be entitled to injured spouse relief. There are seven facts the IRS wants you to know about claiming injured spouse relief. Visit our Blog to learn more.
Six Tips for Paying Estimated Taxes
10 things the Internal Revenue Service wants your client to know about setting aside retirement money in an IRA.
The first one is your client may be able to deduct some or all of their contributions to their IRA. Your client may also be eligible for the Savers Credit formally known as the Retirement Savings Contributions Credit. Visit our Blog to learn more.
Eight Tips for Deducting Charitable Contributions
Bookmark this on DeliciousCharitable contributions made to qualified organizations may help lower your client’s tax bill. The IRS has put together the following eight tips to help ensure their contributions pay off on their tax return. Visit our Blog to learn more.
Ten Things to Know about Farm Income and Deductions
If your client has a farming business, there are several tax issues to consider before filing their federal tax return. The IRS has compiled a list of 10 things that you may want to know. Visit our Blog to learn more.
Employee Business Expenses
If you itemize deductions for your client and they are an employee, they may be able to deduct certain work-related expenses. The IRS has put together the following facts to help you determine which expenses may be deducted as an employee business expense. Expenses that qualify for an itemized deduction include... Visit our Blog to learn more.
Work From Home? Consider the Home Office Deduction
Whether you are self-employed or an employee, if you use a portion of your home for business, you may be able to take a home office deduction. There are six things the IRS wants you to know about the Home Office deduction. Visit our Blog to learn more.
What Parents Should Know about Their Child’s Investment Income
Parents need to be aware of the tax rules that affect their children’s’ investment income. There are four facts from the IRS that will help parents determine whether their child’s investment income will be taxed at the parent’s rate or the child’s rate... Visit our Blog to learn more.
Get Credit for Making Your Home Energy Efficient or Buying Energy-Efficient Products
Taxpayers who made some energy efficient improvements to their home or purchased energy-efficient products last year may qualify for a tax credit this year. The IRS wants you to know about these six energy-related tax credits created or expanded by the American Recovery and Reinvestment Act of 2009. Visit our Blog to learn more.
Nine Facts on filing an Amended Return
An amended tax return generally allows your client to file again to correct their filing status, their income or to add deductions or credits your client may have missed. There are nine points the IRS wants you to know about amending your federal income tax return. Visit our Blog to learn more.
Tax Refund Withholdings and Offsets
If your client owes money because of certain delinquent debts, the IRS or the Department of Treasury’s Financial Management Service (FMS), which issues IRS tax refunds, can offset or reduce your client’s federal tax refund or withhold the entire amount of the refund to satisfy the debt. There are seven important facts the IRS wants you to know about tax refund offsets. Visit our Blog to learn more.
Eight Facts on Penalties
When it comes to filing a tax return or not filing one - the IRS can assess a penalty if your client fails to file, fails to pay or both. There are eight important points the IRS wants you to know about the two different penalties your client may face if they do not file or pay timely. Visit our Blog to learn more.
Earned Income Tax Credit
The Earned Income Tax Credit is a financial boost for workers, self-employed people and farmers earning up to $52,267 ($53,505 married filing jointly) or less a year (for 2016). Four of five eligible taxpayers filed for and received their EITC last year. There are 10 things the IRS wants you to know about this valuable credit. Visit our Blog to learn more.
Medical and Dental Expenses
If you itemize deductions for your client on Form 1040, Schedule A, There are six things the IRS wants you to know about medical and dental expenses and other benefits. There has also been a significant change, starting in 2013, the amount of allowable medical and dental expenses must exceed 10 percent of your adjusted gross income before you can claim an itemized expense deduction. The threshold was 7.5 percent of AGI in prior years. Temporary exception for age 65 or older - The AGI threshold is still 7.5 percent of your AGI if you or your spouse is age 65 or older. This exception will apply through Dec. 31, 2016. Visit our Blog to learn more.
The Social Security benefits your client receives in 2015 may be taxable. They should receive a Form SSA1099 which will show the total amount of the benefits. The information provided on this statement along with the following seven facts from the IRS will help you determine whether or not the benefits are taxable. Visit our Blog to learn more.
Six Facts the IRS Wants You to Know about the Alternative Minimum Tax
The Alternative Minimum Tax attempts to ensure that anyone who benefits from certain tax advantages pays at least a minimum amount of tax. The AMT provides an alternative set of rules for calculating your income tax. In general, these rules should determine the minimum amount of tax that someone with your income should be required to pay. If your regular tax falls below this minimum, you have to make up the difference by paying alternative minimum tax. Visit our Blog to learn more about the facts.
Ten Things to Know About the Child and Dependent Care Credit
If your client paid someone to care for their child, spouse, or dependent last year, they may be able to claim the Child and Dependent Care Credit on their federal income tax return. There are 10 things the IRS wants you to know about claiming a credit for child and dependent care expenses. Visit our Blog to learn more about the facts.
Seven Tips About Rental Income and Expenses
Does your client rent property to others? If so, you will want to read the following seven tips from the IRS about rental income and expenses. You generally must include in your client’s gross income all amounts your client receives as rent. Rental income is any payment you receive for the use of or occupation of property. Expenses related to the renting of property can be deducted from your gross rental income. You generally deduct your rental expenses in the year you pay them. Publication 527, Residential Rental Property, includes information on the expenses you can deduct if you rent property. Visit our Blog to learn more about the seven tips.
Ten Facts for Mortgage Debt Forgiveness
If your client's mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, they may be able to claim special tax relief and exclude the debt forgiven from your income. There are 10 facts the IRS wants you to know about Mortgage Debt Forgiveness. Visit our Blog to learn more.
Four Credits That Can Pay at Tax Time
Your client might be eligible for a valuable tax credit. A tax credit is a dollar-for-dollar reduction of taxes owed. Some credits are even refundable, which means you might receive a refund rather than owe any taxes at all. There are four popular tax credits you should consider before filing your client’s 2015 Federal Income Tax Return. Visit our Blog to learn more.
Did your Client Take an Early Distribution from Their Retirement Plan?
Some taxpayers may have needed to take an early distribution from their retirement plan last year. The IRS wants individuals who took an early distribution to know that there can be a tax impact to tapping your retirement fund. There are ten facts about early distributions. Visit our Blog to learn more.
Get Credit for Your Client's Retirement Savings Contributions
Your client may be eligible for a tax credit if you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement. There are six things the IRS wants you to know about the Savers Credit. Visit our Blog to learn more.
Important Tax Law Changes for 2016
Tax Preparers should make sure they are aware of many important changes to the tax law before they complete their client’s 2015 federal income tax return. There are several important changes that the IRS wants you to keep in mind when you file your 2015 federal income tax return in 2016. Visit our Blog to learn more about changes as they happen.
Six Facts about Choosing the Standard or Itemized Deductions
When filing your client’s federal income tax return, taxpayers can choose to either take the standard deduction or to itemize their deductions. The IRS has put together the following six facts to help you choose the method that gives you the lowest tax. Visit our Blog to learn the facts.
Tax Benefits for Disabled Taxpayers
Taxpayers with disabilities and parents of children with disabilities may qualify for a number of IRS tax credits and benefits. There are seven tax credits and other benefits. Visit our Blog to learn more.
Four Tax Tips about Tip Income
If you work in an occupation where tips are part of your total compensation, you need to be aware of several facts relating to your federal income taxes. Here are four things the IRS wants you to know about tip income. Visit our Blog to learn more.
Some tax rules affect every person who may have to file a federal income tax return; these rules include dependents and exemptions. Here are six important facts the IRS wants you to know about dependents and exemptions that will help you file your 2015 tax return. Visit our Blog to learn more.
Tax Help ‘en Español’
Tax information can be tough to understand in any language, but it can be even more difficult if it is not in your first language. The IRS offers a wide range of free and easy-to-use products and services for Spanish speaking taxpayers. There are nine ways you can get help from the IRS if you need assistance with your federal taxes in Spanish. Visit our Blog to learn more.
Eight Facts About Filing Status
The first step to filing your federal income tax return is to determine which filing status to use. Your filing status is used to determine your filing requirements, standard deduction, eligibility for certain credits and deductions, and your correct tax. There are five filing statuses: Single, Married Filing Jointly, Married Filing Separately, Head of Household and Qualifying Widow(er) with Dependent Child.
Choosing the Simplest Tax Form for Your Client
If you file your return using IRS e-file, the system will automatically decide which form you need. There are some general rules to consider when deciding which paper tax form to file. Visit our Blog to learn more.
Do you know how to obtain IRS Forms and Publications?
The Internal Revenue Service has free tax forms and publications on a wide variety of topics. Due to the continued growth in electronic filing, the availability of free options to taxpayers and efforts to reduce costs; the IRS will no longer be automatically mailing paper tax packages. If you need IRS forms, there are four easy methods for getting the information you need. Visit our Blog to learn more.
Updates for IRA Accounts
For 2015, individual taxpayers can deposit up to a certain amount into a Traditional or Roth Individual Retirement Account (IRA). Visit our Blog to learn more.
Ten Tax Benefits for Parents
There are 10 tax benefits the IRS wants parents to consider when filing their tax returns this year. Visit our Blog to learn more.
Tax Help for Small Businesses and Self-Employed
The IRS Small Business and Self-Employed Tax Center at https://www.irs.gov/smallbiz offers extensive resources and online tools designed to help small businesses and self-employed persons. If you are in business for yourself, or carry on a trade or business as a sole proprietor or an independent contractor, you generally would consider yourself self-employed and you would file IRS Schedule C, Profit or Loss From Business or Schedule C-EZ, Net Profit From Business with your Form 1040. There are six things the IRS wants you to know about self-employment. Visit our Blog for more information.
Ten Important Facts About Capital Gains and Losses
Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When a capital asset is sold, the difference between the amount you paid for the asset and the amount you sold it for is a capital gain or capital loss. There are ten facts from the IRS about gains and losses and how they can affect your Federal income tax return. Visit our Blog for more information.
Four Facts About Bartering
In today’s economy, small business owners sometimes look to the oldest form of commerce; the exchange of goods and services, or bartering. The fair market value of property or services received through barter is taxable income. Visit our Blog to learn about the four facts.
Ten Facts about the Child Tax Credit
The Child Tax Credit is an important tax credit that may be worth as much as $1,000 per qualifying child depending upon your income. There are 10 important facts from the IRS about this credit and how it may benefit your family. Visit our Blog for more information.
The 2015 rates for mileage for business use of your car is 57.5 cents a mile. Medical and moving mileage are both 23 cents per mile and for miles driven in service of charitable organizations you can deduct 14 cents a mile. Visit our Blog to learn more.
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