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Some Things to Know About Crowdfunding and Taxes
Crowdfunding is a popular way to raise money online. People often use crowdfunding to fundraise for a business, for charity, or for...
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Platinum Professional Services
- Jul 18
- 2 min
Here is What Taxpayers Need to Know About Business Related Travel Deductions
Business travel can be costly. Hotel bills, airfare or train tickets, cab fare, public transportation – it can all add up fast. The good...
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Platinum Professional Services
- Jun 20
- 3 min
Some Tax Considerations for People who are Separating or Divorcing
When people go through a legal separation or divorce, the change in their relationship status also affects their tax situation. The IRS...
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Platinum Professional Services
- Jun 10
- 2 min
IRS increases mileage rate for remainder of 2022
The Internal Revenue Service announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may...
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Platinum Professional Services
- Jun 9
- 2 min
People can Protect Themselves from Tax-Related Identity Theft with an Identity Protection PIN
Identity Protection PINs stop identity thieves from filing fraudulent tax returns. When a taxpayer chooses to participate in this...
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Platinum Professional Services
- May 25
- 2 min
Things Organizations Should Know About Applying for Tax-exempt Status
To be tax-exempt under Section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for any...
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Platinum Professional Services
- Apr 12
- 2 min
Estimated Federal Tax Payments First Quarter Deadline is Monday, April 18 2022
The Internal Revenue Service reminds those who make estimated tax payments such as self-employed individuals, retirees, investors,...
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Platinum Professional Services
- Mar 11
- 2 min
IRS Unveils Voice and Chat Bots to Assist Taxpayers
The Internal Revenue Service announced it has begun using voice and chat bots on two of its specialized toll-free telephone assistance...
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Platinum Professional Services
- Mar 4
- 2 min
How Businesses Can Deduct Startup Costs From Their Federal Taxes
For costs paid or incurred after September 8, 2008, the business can deduct a limited amount of start-up and organizational costs. They...
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Platinum Professional Services
- Feb 8
- 2 min
Tax Preparers Should Know the Difference between Standard and Itemized Deductions
Taxpayers have two options when completing a tax return, take the standard deduction or itemize their deductions. Most taxpayers use the...
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Platinum Professional Services
- Jan 19
- 4 min
2022 Tax Filing Season Begins Jan. 24; IRS Outlines Refund Timing and What to Expect
The Internal Revenue Service announced that the nation's tax season will start on Monday, Jan. 24, 2022, when the tax agency will begin...
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Platinum Professional Services
- Jan 3
- 2 min
What Small Business Owners Should Know About the Depreciation of Property Deduction
Depreciation is an annual tax deduction that allows small businesses to recover the cost or other basis of certain property over the time...
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Platinum Professional Services
- Dec 23, 2021
- 2 min
Teachers Can Deduct Out-of-pocket Classroom Expenses Including COVID-19 Protective Items
The school year is in full swing. Many teachers are already dipping into their own pockets to buy classroom supplies that will help set...
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Platinum Professional Services
- Nov 22, 2021
- 1 min
Small Business Advertising and Marketing Costs May be Tax Deductible
The tax law allows businesses to deduct expenses that help them bring in new customers and keep existing ones. These costs may include...
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Platinum Professional Services
- Nov 16, 2021
- 3 min
IRS Announces 401(k) Limit Increases to $20,500
The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500,...
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Platinum Professional Services
- Nov 11, 2021
- 2 min
Tax Pros Should Renew PTINs Now for the Upcoming Filing Season
The IRS reminds all active federal tax return preparers they must renew their Preparer Tax Identification Numbers now for 2022. All...
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Platinum Professional Services
- Oct 19, 2021
- 1 min
Higher Education Tax Credits
Higher education tax credits reduce the amount of tax someone owes. If the credit reduces tax to less than zero, the taxpayer could even...
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Platinum Professional Services
- Oct 13, 2021
- 1 min
Educator Expenses That May be Tax Deductible
The educator expense deduction allows eligible teachers and administrators to deduct part of the cost of technology, supplies, and...
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Platinum Professional Services
- Oct 12, 2021
- 2 min
Hobby Income
Many people are engaged in hobby activities that are also a source of income. For example, some people started selling handmade items...
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Platinum Professional Services
- Sep 11, 2021
- 1 min
Cost of Home Testing for COVID-19 is Eligible Medical Expense; Reimbursable Under FSAs, HSAs
The Internal Revenue Service reminds taxpayers that the cost of home testing for COVID-19 is an eligible medical expense that can be paid...
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