How to Protect Yourself from Tax Identity Theft It can happen online or offline. Are you taking steps to protect your identity? As you work on your 2021 income tax returns, the IRS is still catching up from the 2020 tax year. Because of the COVID-19 pandemic and the problems it caused for all […]
14 Unusual Tax Deductions That the IRS Allows You’d be surprised to learn what unexpected tax deductions could be legitimate. If you’re itemizing for tax year 2021, you’re probably trying to claim as many acceptable deductions as you can. Why would you not? Some of them are pretty conventional. Mortgage interest. Medical expenses. Home […]
December 15th, 2021 marked the last deposit date for the child tax credit payment expanded under the American Rescue Plan (ARP). Though many had hoped the program would be continued, political leaders are struggling to find a way forward that makes the majority of Congress happy, and as a result, many families have been left […]
VIDEO TIPS: TAX BREAK FOR SPECIAL EDUCATION TUITIONS When itemizing deductions in the tax return, a taxpayer can include medical expense payments to a special school for a mentally impaired or physically disabled person if the main reason for using the school is its resources for relieving the disability. Watch this video for a better […]
What’s Next for the Child Tax Credit? Article Highlights Aging Population Home Improvements for Medical Care or Treatment Improvements That Increase the Home’s Value Improvements That Do Not Increase the Home’s Value Medical AGI Limitations According to the Social Security Administration, 10,000 baby boomers a day are reaching the age of 65, as of 2018 […]
What You Need to Know about Medical Practices and Cash Flow? According to one study conducted by U.S. Bank, a massive 82% of all businesses that ended up failing said that cash flow issues were a major contributor to that event. Often, this doesn’t just come down to the amount of money coming into an […]
2021 GENERAL TAXPAYER FILING REQUIREMENTS Article Highlights: Withholding Other Prepayments Tax Credits Earned Income Tax Credit Child Tax Credit American Opportunity Tax Credit Recovery Rebate Credit These days the tax return is used for more than just collecting taxes. It has also become a tool for the government to provide social benefits. This article discusses […]
How potential buyer to ensure that everything is in order? Many people dream of starting their own company, but if you’re one of the few who has turned their dream into reality, you know that it didn’t happen overnight. Making your business a success involved plenty of research, preparation, and hard work that you were […]
Tips to Brush up your Bookkeeping Habits May Actually Be Smarter Are you the type who makes New Year’s resolutions? Though the vast majority of those who pledge self-improvement focus on losing weight or exercising more, deciding to brush up on your bookkeeping habits may actually be smarter – and easier to stick to. If […]
WHAT IS TAX BASIS AND WHY IS IT SO IMPORTANT? Article Highlights: Definition of Tax Basis Cost Basis Adjusted Basis Gift Basis Inherited Basis Record Keeping For tax purposes, the term “basis” refers to the monetary value used to measure a gain or loss. For instance, if you purchase shares of a stock for $1,000, […]