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Author Archives: Jay Butchko

FamilyTaxCredit

Expanded Tax Credits For Families

By Ronald Cutler, P.A. |

This year, the IRS is offering a variety of expanded tax credits for families. Many individuals who don’t normally need to file tax returns should consider doing so for their 2021 returns, so that they can take advantage of these benefits, which will come with larger refunds for qualifying taxpayers. To learn more about… Read More »

TaxLaw

New Rules For Charity Deductions

By Ronald Cutler, P.A. |

Taxpayers who are getting ready to file their 2021 tax returns should be sure to account for the many changes instituted by last year’s passage of the American Rescue Act. For instance, this year, taxpayers can now more easily qualify for charitable tax deductions, regardless of whether they use standard or itemized deductions. For… Read More »

TaxSeason

Reporting Tips As Income On Your Tax Return

By Ronald Cutler, P.A. |

Tips are often a vital part of the income earned by those who work in the service industry. And like most forms of income, they are taxable. Unfortunately, many people don’t understand the tax obligations that come with earning tip income. To ensure that you don’t end up stuck with a surprise tax bill… Read More »

Tax3

Tax Tips For Parents Who Shared Custody In 2020

By Ronald Cutler, P.A. |

We often receive tax-related questions from parents who share custody of their children, like who can claim that child as a dependent and who is entitled to the child tax credit. These questions have become even more pressing over the last couple of years, with many parents unsure about how the Economic Impact Payments… Read More »

TaxReturn

Your Social Security Benefits Might Be Taxable

By Ronald Cutler, P.A. |

A new tax season has officially arrived, so taxpayers should consider brushing up on this year’s credits, deductions, and extensions. It’s also important to remember that those receiving Social Security benefits may be required to pay federal income taxes on a part of those benefits. To learn more about what types of taxes you… Read More »

TaxPrep4

Avoiding The Accrual Of Penalties And Interest On Unfiled Taxes

By Ronald Cutler, P.A. |

Although the deadline for filing taxes officially passed in mid-May, taxpayers who have not yet filed their taxes are not totally out of luck. In fact, taxpayers who are due refunds, but who missed the tax filing deadline, won’t be assessed a penalty for filing late. Regardless, taxpayers who missed the filing deadline and… Read More »

Legal19

Understanding A Request From The IRS For Supporting Documentation

By Ronald Cutler, P.A. |

The IRS communicates with taxpayers primarily by mail. The agency sends CP75 or CP75A notices, for instance, when it needs additional documentation to resolve an issue. In most cases, taxpayers who receive this notice have done so because the IRS is auditing their tax return and needs more information to verify items that they… Read More »

TaxPrep5

Filing An Information Return

By Ronald Cutler, P.A. |

While most people are familiar with standard income tax returns, many are unaware of the existence of information returns. These returns must be completed by any taxpayers who are engaged in a business, including partnerships, estates, and trusts and who make reportable transactions during the year. There are a number of rules in place… Read More »

TaxReturn

What You Should Know About Tax Refunds

By Ronald Cutler, P.A. |

While many people don’t look forward to tax season, most have warmer feelings towards tax refunds, which follow soon after. Collecting a refund is not, however, always a simple endeavor,  so if you want to learn more about filing a tax return or have questions about the best way to track or collect a… Read More »

TaxDeduction

Deducting Charitable Contributions

By Ronald Cutler, P.A. |

In addition to the satisfaction and peace of mind that comes with charitable giving, individuals who donate funds to certain charitable establishments could also qualify for a special deduction. There are, however, strict rules regarding charitable deductions, so if you donated to a charity last year and have questions about your eligibility for a… Read More »