Day Care Providers Enjoy Special Tax Benefits

Day Care Providers Enjoy Special Tax Benefits Article Highlights: Business Use of Home Prorated Use Owned Home Rented Home Exclusive Use Meal Allowance Other Deductions A taxpayer who is in the business of providing family day care in their home may deduct the ordinary and necessary expenses of their business. The two primary deductions include…

Did You Get a Letter from the IRS? Don’t Panic.

Did You Get a Letter from the IRS? Don’t Panic. Article Highlights: IRS Notices CP Series Notice Automated Notices Frequent Errors ID Theft Penalties and Interest What You Should Do What We Will Do Now that most tax refunds are deposited directly into taxpayers’ bank accounts, the dream of opening your mailbox and finding an…

Taxes and Divorce

Do you ever wonder why we ask you the questions we do?  Here is one example of why it is important to you to help us with our due diligence regarding your dependents. Taxes and Divorce Article Highlights: Filing Status Claiming the Children as Dependents Child Exemption Head-of-Household Filing Status Tuition Tax Credit Child Care…

Tax Issues Related to Renting Your Vacation Home  

Tax Issues Related to Renting Your Vacation Home   Article Highlights: If You Don’t Rent Your Property If You Rent Your Property Rented Fewer Than 15 Days Personal Use Is Less Than the Greater of 15 Days or 10% of the Rental Days Personal Use Exceeds the Greater of 14 Days or 10% of the…

RMDs and Charitable Contributions

RMDs and Charitable Contributions RMDs are back for 2021.  An RMD is your Required Minimal Distribution you must take out of your IRA if you are one of those folks who have reached the age of 72.   You are required by the government to begin taking the Required Minimal Distribution from your IRAs or you…

The Tax-Filing Deadline Is Around the Corner

The Tax-Filing Deadline Is Around the Corner Article Highlights: Extensions Balance-Due Payments Contributions to Roth or Traditional IRAs Individual Refund Claims for the 2017 Tax Year Missing Information As a reminder to those who have not yet filed their 2020 tax returns, May 17, is the due date to either file a return (and pay…

Owe Taxes and Can’t Pay by the Due Date?

Owe Taxes and Can’t Pay by the Due Date?    Article Highlights: If you can’t pay Loans Credit card payments IRS Installment agreement Retirement funds The vast majority of Americans get a tax refund from the IRS each spring, but what if you are one of those who end ends up owing? The IRS encourages…

Easily Check the Status of Your Refund

Easily Check the Status of Your Refund Article Highlights: Your Federal Tax Refund Status Can Be Checked Online Delay When Claiming Earned Income Tax Credit or Additional Child Tax Credit “Where’s My Refund?” Refunds Are Generally Issued Within 21 Days of E-Filing Paper Filed Return Will Take Longer Information Needed to Check Refund Status Direct…

IRS Extends Individual Return Filing Date

IRS Extends Individual Return Filing Date Article Highlights: IRS Announcement Limited to Individual Tax Returns Tax Due Payments Further Extensions 2021 Estimated Tax Payments Not Extended The IRS has announced they are extending the filing due date for 2020 individual tax returns from April 15, 2021 to May 17, 2021. This was meant to be…

Are Your Unemployment Benefits Taxable?

Are Your Unemployment Benefits Taxable? Article Highlights:  CARES and COVID Tax Relief Acts Unemployment Benefits American Rescue Plan Tax-Exempt Portion of Unemployment Bogus Forms 1099-G Kiddie Tax and Unemployment States’ Taxation of Unemployment With the passage of the CARES Act stimulus package early in 2020, the federal government began supplementing the normal state weekly unemployment…