Caregivers can get help from three federal tax breaks: the medical expense deduction, the child and dependent care credit, and the "family" credit. Tip Category: Deductions If you’ve ever had to care for a sick, elderly or disabled person, you know it can be difficult financially as well as emotionally. A recent study found that …
Author: Velisa Bookkeeping Services LLC
Rejected!
What to do if your e-filed tax return is rejected by the IRS Tip Category: Miscellaneous More than 90% of individual tax returns are now filed electronically, and usually the process goes smoothly. When an e-filed tax return is rejected, however, e-filing can become more complicated. Common causes for rejected tax returns Simple filing errors. Most …
Stop the Clock
Your most important defense against an audit The best defense against a tax audit? Stop the clock. Here is what you need to know. Tip Category: Audit In a tax court decision, a judge ruled that a joint tax return not signed by both spouses is not a validly filed tax return.* This seems like a …
Those Darn Kids
The risk of having kids file their own tax returns There are benefits and pitfalls to having children file their own tax return. And YOU need to know them. Tip Category: Miscellaneous If you have children younger than 19 years old (or 24 if a full-time student), you should coordinate the filing of their taxes …
February Client Update Newsletter
Now that tax documents have started arriving in your inbox and mailbox, it's easy to set them off to the side to worry about later. There may be some benefit, however, to filing your tax return as soon as you can. In this month's newsletter, read about several reasons why you should consider filing your …
How to Handle All Those Forms
During tax season, gathering all your forms is important because the IRS also gets copies. Leave anything out and you may get a deficiency notice. Tip Category: Planning Your mailbox has started filling up with tax forms over the last several weeks and there are likely more to come. Getting your forms organized makes your …
Reasons to File Early
When it makes sense to file a tax return as soon as you can Tip Category: Miscellaneous The 2022 tax filing season officially begins when the IRS starts accepting tax returns in late January and early February. There are many reasons to consider filing your tax return as soon as the IRS begins accepting returns. …
2023 Mileage Rates are Here!
New mileage rates announced by the IRS Category: What's New Mileage rates for travel are now set for 2023. The standard business mileage rate increases by 3 cents to 65.5 cents per mile. The medical and moving mileage rates stay at 22 cents per mile. Charitable mileage rates remain unchanged at 14 cents per mile. …
Reminder: Fourth Quarter Estimated Taxes Now Due
Now is the time to make your estimated tax payment Reminder: Q4 estimated tax payment is due Tuesday, January 17, 2023. Tip Category: Miscellaneous If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The 4th quarter due date …
Continue reading Reminder: Fourth Quarter Estimated Taxes Now Due
January Client Update Newsletter
New year. New tax return. Reduce the headache with these great organizational tips. Plus some great alternatives to New Year's resolutions are presented for your consideration. It's tax time! In the next couple of weeks you will be inundated with W-2s and various informational tax forms like 1099s. By paying attention to them, ensuring their …
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