Log in Subscribe
Professionals Column

When will my tax refund arrive?

Are you expecting a refund this year? Here are important items the IRS wants you to know about your refund. ● Refund options. You have three options for receiving your federal income-tax refund: …

Tax-time errors on returns can delay refunds

Mistakes on tax returns mean they take longer to process, which in turn, may cause your refund to arrive later. The IRS cautions against these common errors so your refund is timely: 1. Incorrect and …

What to do about a missing or corrected W-2 form

Before you file your 2022 tax return, you should make sure you have all the needed documents including all your Form W-2s. You should receive a Form W-2, Wage and Tax Statement, from each of your …

Itemize to boost your tax refund

Generally, you must decide whether to itemize or to use the standard deduction on your income tax return. You should itemize if your allowable itemized deductions are greater than your standard …

The standard deduction for taxes nearly doubles

As most individuals and tax professionals know by now, the standard deduction almost doubled under the Tax Cuts and Jobs Act for the single, married filing jointly, married filing separately, head of …

Filing status may affect your tax obligation

The first step to filing your Federal income-tax return is to determine which filing status to use. In other words, two people making exactly the same amount of income could have different income-tax …

Take advatange of e-filing tax returns options

Electronic filing is the safest, fastest and easiest way for taxpayers to file their tax returns, according to the IRS. Furthermore, e-filing is good for the tax system, good for taxpayers and good …

Take care when choosing your tax preparer

If you pay someone to prepare your tax return, the IRS urges you to choose that preparer wisely. Taxpayers are legally responsible for what’s on their tax return even if it is prepared by someone …

The “Inflation Reduction Act” (IRA) has expanded and extended new energy credits which will save tax dollars for most Americans. Also, the $500 lifetime cap for energy will be replaced with a …

With the New Year come new tax laws. One new tax law, called the "Inflation Reduction Act" (IRA), makes the largest investment in combating climate change in U.S. history, lowers the cost of …

Happy New (Tax) Year

First and foremost, I want to wish all my readers a happy and peaceful New Year. Your emails and calls are appreciated. It’s that time of year again. The income-tax-filing season has begun and …

Your home sale and capital gains

What is the best tax break available to John and Jane Taxpayer? It’s selling their home. When you sell your primary residence, you can make up to $250,000 in profits if you’re single, $500,000 if …

Own a home? Here are some tax advantages

Buying a home is the single most-valuable investment most families make, and home ownership offers income-tax breaks that make it the foundation for overall tax planning. The tax law provides …

7 deadly tax sins: all can lead to grief

Taxes are complicated, so it’s no wonder that everyone makes mistakes from time to time. But some actions go beyond incorrect arithmetic or thinking something is deductible when it’s not. Some …

Tax benefits for parents

All parents are familiar with the high cost of raising children. But did you know that your children can help you to qualify for some income-tax benefits? Here are some tax benefits the IRS wants …

Find out if you’re eligible for the earned income tax credit

The Earned Income Tax Credit (EITC) is a financial boost for workers earning $56,844 or less a year. The IRS estimates that each year one in five eligible Americans misses out on money the government …

Rental property can help reduce your tax bill

Do you rent property to others? Rental real estate provides more tax benefits than almost any other investment. Besides, the potential for an ongoing income and capital appreciation, such investments …

Here’s how to safeguard your tax information

The IRS and the New York Department of Taxation and Finance remind taxpayers to be vigilant against scammers and identity thieves. Here are some tips on how to do that. • Be wary of aggressive …

Do you qualify for the child tax credit?

As taxpayers plan their 2022 taxes, there is good news in the form of an enhanced child-tax credit. The legislation known as the Tax Cuts and Jobs Act (TCJA), doubled the credit amount, increased the …

Kids in college? The IRS can help

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 Tax Credit (AOTC) and the Lifetime …

Advantages of a '529' college savings program

What can be better than lowering your taxes? With a 529 plan, you have no federal tax obligation once your money's invested in your account. But the best part is that your earnings grow …

Beware, tax scams come in all shapes

The IRS keeps track of tax scams. But you, the taxpayer, should also be aware of these schemes, which, other than being illegal, can lead to massive problems, including the imposition of significant …

There are tax benefits for child and dependent care

If you paid someone to care for your child, spouse or dependent (i.e., parent) this year, you may be able to claim the Child and Dependent Care Credit on your Federal income-tax return. Below are …

Self-employed? Here are some tax tips

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 …

The home-office deduction: What you should know

To take the deduction, the IRS requires the home office to be your principal place of business and it must be used exclusively and on a regular basis. According to the U.S. Small Business …

« Prev | 1 | 2 | 3 | 4 | 5 Next »
Currently viewing stories posted within the past 2 years.
For all older stories, please use our advanced search.