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Tax Reform Reminder: Changes To Itemized Deductions

Under tax reform, many tax laws changed, including those affecting itemized deductions. While many people no longer need to itemize due to the nearly doubling of the standard deduction, certain taxpayers whose total deductions exceed the standard deduction may still...

IRS Ends Tax Transcript Fax And Third-Party Services

Due to ongoing efforts to protect taxpayers from identity thieves, the Internal Revenue Service no longer offers tax transcript faxing service and third-party mailing of tax returns and certain transcripts. These measures are effective June 28 and July 1, 2019...

10 Facts About The Adoption Tax Credit

If you adopt a child in 2019, you may qualify for a tax credit, and if your employer helped pay for the costs of an adoption, you may be able to exclude some of your income from tax. Here are ten facts you should know about the Adoption Tax Credit. 1. Credit or...

Special Tax Breaks For Members Of The Armed Forces

Active members of the U.S. Armed Forces should be aware that there are special tax benefits available to them such as not having to pay taxes on some types of income or more time to file and pay their federal taxes. If you're an active member of the armed forces,...

Your Canceled Debt Could Be Taxable

Generally, debt that is forgiven or canceled by a lender is considered taxable income by the IRS and must be included as income on your tax return. When that debt is forgiven, negotiated down (when you pay less than you owe), or canceled you will receive a Form...

Deducting Business-Related Car Expenses

If you're self-employed and use your car for business, you can deduct certain business-related car expenses. There are two options for claiming deductions: Actual Expenses. To use the actual expense method, you need to figure out the actual costs of operating the car...

What To Do If You Receive An IRS CP2000 Notice

An IRS CP2000 notice is mailed to a taxpayer when income reported from third-party sources such as an employer, bank, or mortgage company does not match the income reported on the tax return. It is not a tax bill or a formal audit notification; it merely informs you...

New Limitations On Home Mortgage Interest Expense

Another big change for taxpayers is that Congress has set a new, lower dollar limit on home mortgage interest, and many taxpayers are not aware of this.   Effective Dec. 16, 2017, taxpayers obtaining new mortgages may deduct their mortgage interest applicable up to...

Tax Tips For Students With A Summer Job

Whether the goal is to gain experience or earn some spending money or help pay for college, summer is the prime job season for teens and college students. This year, however, with the coronavirus pandemic, the job situation has not been as easy, not to mention it is...

Employers: Backup Withholding Lowered To 24 Percent

Small business owners are reminded that tax reform legislation lowered the backup withholding tax rate to 24 percent. In addition, the withholding rate that usually applies to bonuses and other supplemental wages was also lowered to 22 percent. As such, employers...

Recordkeeping Tips For Small Business Owners

Avoid headaches at tax time by keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you...

Choosing A Legal Entity For Your Business

If you've decided to start a business, one of the most important decisions you'll need to make is choosing a legal entity. It's a decision that impacts many things--from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal...

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