Surprise! You Have Taxes Due!
Did you have a surprise tax bill when you filed your return this year? There are a variety of reasons this can happen.
Don’t Rob Yourself of the Home Internet Deduction.
If you do some work at home, you’re probably using your home internet connection. Are your monthly internet expenses deductible? Maybe.
The deduction rules depend on your choice of business entity (proprietorship, corporation, or partnership).
Last-Minute Business Deductions
Well, here we are coming into the holiday season and the end of 2021. If you’re a business owner, you want to make the most of your business deductions and minimize your tax liability. The purpose of this article is to get the IRS to owe YOU money.
Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes.
Here are six powerful business tax deduction strategies that you can easily understand and implement before the end of 2021.
Vaccinated? Claim Tax Credits for Your Employees and Yourself
As the nation suffers from the ravages of the super-contagious COVID-19 Delta variant, the federal government desperately wants all American workers and their families to get vaccinated.
If you have employees, you probably feel the same way. Indeed, more and more employers are implementing vaccine mandates—a trend that will likely grow after the FDA gives final approval to the COVID-19 vaccines.
COVID-19 vaccine mandates are highly controversial.
What You Should Do and Not Do If You Receive a Letter from the IRS
Every year the IRS mails letters and notices to taxpayers for a variety of reasons. Most often they are related to the taxpayer’s federal tax return or tax account. The letter may notify them of changes to their return or may request additional information. It may also notify them they need to make a payment. In both 2020 and 2021, taxpayers also received letters regarding the Economic Stimulus Payment or perhaps the Advance Child Tax Credit payments that started in July.
Tax Planning: 101
Year-round tax planning is for everyone. An important part of that is recordkeeping. Gathering tax documents throughout the year and having an organized recordkeeping system can make it easier when it comes to filing a tax return or understanding a letter from the IRS.
Child Tax Credit: Is it right for me?
In case you’re unfamiliar with the Child Tax Credit, it was initially structured in the Taxpayer Relief Act of 1997 as a $500 per child nonrefundable credit designed to provide relief to middle- and upper-middle-income families. Various laws since that time have modified the credit to expand its availability and benefit to more low-income families and to increase its value.
New IRS Program Prevents Identity Theft on Tax Returns
Identity theft happens when a person deliberately uses someone else's identity as a method to gain financial advantages or obtain credit and other benefits. The person whose identity has been stolen may suffer adverse consequences, especially if they are falsely held responsible for these criminal actions. Personally identifiable information generally includes a person's name, date of birth, social security number, driver's license number, bank account or credit card numbers, PINs, electronic signatures, fingerprints, passwords, or any other information that can be used to access a person's financial resources.