Article Highlights: Filing Due Date Disaster Area Filing Due Dates Extensions Balance-Due Payments Contributions to Roth or Traditional IRAs Individual Refund Claims for the 2019 Tax Year If There is Still Missing Information As a reminder to those who have not yet filed their 2022 tax returns, April 18, 2023 is the due date to [...]
Article Highlights: If You Can’t Pay Automatic Extension in Federally Declared Disaster Areas Family Loans Home Equity Loans and HELOCs Credit Card Short-term Payment Plan IRS Installment Agreement Retirement Funds Filing Extensions Enforced Collections Offer-in-Compromise About 3 out of 4 American taxpayers receive a refund each year when they file their income tax returns, but [...]
At its most straightforward, the Work Opportunity Tax Credit is available at the federal level to businesses that go out of their way to hire people from a targeted group that has historically had difficulty finding gainful employment. The theory is to encourage business owners of all types to create economic opportunities whenever possible. The [...]
Article Highlights: Caring for Disabled Family Members Qualified Medicaid Waiver Payments Exclusion Qualifications Mandatory Exclusion Earned Income Earned Income Tax Credit Tax Court Ruling Many taxpayers prefer to care for ill or disabled family members in their homes as opposed to placing them in nursing homes, but doing this can be expensive, time-consuming, and exhausting. [...]
Article Highlights: Keeping home improvement records Home gain exclusion amounts Records may be required to avoid tax Many taxpayers don’t feel the need to keep home improvement records, thinking the potential gain will never exceed the amount of the tax code’s exclusion for home gains explained as follows. Under the current version of the [...]
You'd be hard-pressed to find someone who actually enjoys the process of filing taxes. Having said that, it's absolutely something that you're supposed to do like clockwork every single year. Of course, there are a myriad of different reasons why you may have fallen behind. You could be going through something of a major life [...]
March 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10. Your employer is required to withhold FICA taxes and income tax withholding [...]
Article Highlights: Child Tax Credit Earned Income Tax Credit Head of Household Filing Status Child Care Education Savings Plans Education Tax Credit Education Loan Interest Child’s Medical Expenses If you are a parent, whether single, married or divorced, there are a significant number of tax benefits available to you, including deductions, credits, and filing status [...]
All of us dream of one day being able to retire - to finally be able to relax and enjoy the lifestyle we worked so hard for. However, you'll need a significant amount of money to do it, which is where a lot of Americans begin to worry. Saving for retirement is a constant fear [...]
Article Highlights: Financially Assisting Grandchildren College savings Education savings Retirement accounts Medical expenses If you are a grandparent there are several things you can do to teach your grandchildren financial responsibility and set aside money for their future education and retirement. Before we get into actual suggestions, it is important that you understand the gift [...]
