New tax rules are creating confusion Tip Category: Deductions Because of many home-related tax changes over the years, it can easily confuse taxpayers on what, when and how much can be used to qualify for a home mortgage related deduction. So when your mortgage company reports tax-related information to you and the IRS using Form 1098, …
Your Business Tax Return is DUE!
Time is short to file your S corporation or partnership tax return. The due date is March 15. Here's why you need to file on time. Tip Category: Miscellaneous March 15th is the tax-filing due date for 2023 calendar year S corporations and partnerships. While this filing deadline does not require making a tax payment, missing …
No Check! Where’s Your Proof?
What you need to do NOW! Tip Category: The Audit Preparing to file your tax return is a great time to ensure you have proper documentation to substantiate your tax deductions. This is important as many banks start deleting online documentation that is over one year old. Background Two things have happened over the past ten …
The $500,000 Homeowner Tax Break
Understand the rules now to avoid a tax surprise later Tip Category: Your Income There is large tax break that allows you to exclude up to $250,000 ($500,000 married) in capital gains on the sale of your personal residence. But making the assumption that this gain exclusion will always keep you safe from tax can be …
Common Missing Items = DELAYS
Review these common causes of filing delays Tip Category: Miscellaneous Double-check this list of items that often cause delays with both filing your tax return and getting your much anticipated refund. Missing W-2 or 1099. Using last year's tax return, make a list of W-2s and 1099s. Then use the list to ensure they are received …
The Paycheck Tax Tip
A great place to lower your taxes Tip Category: Your Income The tax code has plenty of ways to reduce your taxable income, and many take place on your paycheck. If you haven’t already done so, now is a great time to conduct a thorough review of your paystub. Here are some tips: Review insurance …
IRS Identity Theft Season Begins Now
Now is the time for tax-related identity theft. Be on alert! Tip Category: Miscellaneous Each year thieves try to steal billions in federal withholdings by stealing your identity. As the IRS focuses more attention on this quickly growing problem, now is the time of year to be extra vigilant. Early tax filing season is the …
SMALL BUSINESS ALERT: New Federal Reporting Required
Especially important for new business startups Tip Category: What's New New Beginning in 2024, many small businesses will have to report information about their owners to the Financial Crimes Enforcement Network (commonly referred to as FinCEN), a bureau of the U.S. Department of the Treasury that collects and analyzes information to help fight financial crimes. Here …
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2024 Mileage Rates are Here!
New mileage rates announced by the IRS Tip Category: What's New Mileage rates for travel are now set for 2024. The standard business mileage rate increases by 1.5 cents to 67 cents per mile. The medical and moving mileage rates are now 21 cents per mile. Charitable mileage rates remain unchanged at 14 cents per …
Reminder: Fourth Quarter Estimated Taxes Now Due
Now is the time to make your estimated tax payment 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 for the 2023 tax year is now here. Due date: Tuesday, …
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