Author Archives: Jay Butchko
The Taxpayer Bill of Rights: Part II
In a previous post, we discussed the first five of the ten rights guaranteed to taxpayers by the IRS. Here, we discuss the second half of those important rights and how taxpayers can benefit from exercising them. The Right to Finality One of the rights guaranteed by the IRS is the right to finality…. Read More »
Teachers Can Deduct Classroom Expenses On Their 2024 Tax Returns
As parents, children, and teachers alike start to gear up for the new school year, teachers in particular should keep in mind that they may qualify for a classroom expense deduction. This year, the maximum deduction for such costs is $300 and is available to all educators, including counselors, principals, and aides. For help… Read More »
Tax Credits Can Offset Summer Day Camp Costs
The summer months can be an expensive time of year for many parents and caregivers who are tasked with entertaining their children while school is out. The good news is that some of these costs, including expenses for summer day camps, can often be offset by certain tax credits, including the Child and Dependent… Read More »
End of the Year Tax Checkup Can Help Taxpayers Avoid Surprises in 2025
With autumn quickly approaching, taxpayers may want to consider taking this time, before the holidays officially get under way, to conduct a quick tax checkup. Specifically, taxpayers should think about checking their tax withholding to avoid a surprise tax bill next year, especially if they experienced a significant change, like a new job, another… Read More »
Preparing for Natural Disasters
In response to peak hurricane season in the east and elevated wildfire risks in the west, the IRS officially designated September as National Preparedness Month. During this time, taxpayers across the nation are encouraged to develop emergency preparedness plans or if they already have such a plan in place, to update it for 2024…. Read More »
Many Taxpayers Receive Erroneous Balance Due Notices
Recently, the IRS announced that thousands of taxpayers have mistakenly received CP14 Balance Due notices, indicating that they owe an additional payment to the IRS. Additionally, taxpayers who paid their 2023 taxes electronically also reported that their accounts continue to say “pending” despite the fact that the agency received and processed their payments through… Read More »
Reducing Penalties and Interest on Unpaid Taxes
Those who missed the April deadline for filing their 2023 taxes still have options for paying off those debts. There are also a number of penalty and interest relief programs for which certain taxpayers can qualify. Interest Rates and Penalties for Unpaid Taxes Those who owe taxes to the IRS and who were unable… Read More »
Misleading and Inaccurate Tax Information Circulating on Social Media
Social media platforms have made it easier than ever to stay in touch with family and friends and to keep abreast of the latest news. Unfortunately, these platforms are also used for more nefarious purposes, like spreading false and misleading tax information to the public, which in turn can lead to tax issues and… Read More »
Tax Relief for Florida Summertime Storm Victims
If you were affected by the recent storms in Florida, you could be eligible for tax relief. In recognition of the devastation caused by severe storms, tornadoes, and straight-line winds in Florida this summer, the IRS is offering affected taxpayers (both individuals and businesses) an extension to file returns and make tax payments, both… Read More »
Business Tax Payment Plans
Individual taxpayers who are unable to pay the taxes they owe to the IRS are often eligible for payment plans that allow them to pay those debts off over time, with fewer penalties. Many, however, are unaware that such options also exist for businesses, which can also qualify for long-term payment plans. Installment Agreements… Read More »