Recent Blog Posts
What Is A Refund Offset?
When taxpayers pay too much to the federal or state governments, they are often entitled to a tax refund, or reimbursement for the excess amount. Tax refunds are issued by the Department of Treasury’s Bureau of the Fiscal Service (BFS), which is also authorized to reduce taxpayer refunds and offset them to pay other… Read More »
A Tax Return To-Do List
Taxpayers can start getting ready for the 2023 tax year by taking a few steps now, like donating to charity, checking on their retirement contributions, and setting up direct deposit to receive their tax refunds. These, however, are only a few of the things that taxpayers can do to help them prepare for tax… Read More »
Qualifying For The New Clean Vehicle Credit
This year, the IRS is offering a new tax credit to taxpayers who purchase plug-in electric vehicles (EVs) or fuel cell vehicles (FCVs) from qualifying manufacturers. Known as the clean vehicle tax credit, taxpayers will be eligible for the credit if they purchase a new car in 2023 or later. To learn more about… Read More »
California Storm Victims May Qualify For Tax Relief
Recently, storms have lashed many of the coastal cities in California, which experienced widespread flooding, sinkholes, and the loss of power across the state. The rain has raised water levels across California, where between December 26th and January 9th parts of the state saw more than six times the amount of rain as is… Read More »
Reporting Your Tips
Individuals who work in the service industry often receive tips for their customer service. It comes as a surprise to many people that these tips often qualify as taxable income, so if you work in a restaurant, hotel, salon, or similar industry and have questions about your obligations in regards to your tips, consider… Read More »
The Out-Of-Pocket Educator Expense Deduction
With the new school year officially underway, educators should start thinking about the tax deductions for which they might be eligible. For 2022, for example, qualifying educators can deduct up to $300 of out-of-pocket classroom expenses when they file their returns. This is a welcome change for many educators, as this is the first… Read More »
Victims Of Hurricane Ian Qualify For Tax Relief
Hurricane Ian, which saw winds of 155 mph and flooding of up to 12 feet, has displaced an estimated 40,600 people in Florida. In recognition of the many hardships being faced by these residents, the IRS has offered tax relief to anyone with an address of record located in any FEMA designated disaster areas…. Read More »
401(k) And IRA Limits Increased For 2023
In 2022, taxpayers who wanted to contribute to 401(k) plans could only contribute up to $20,500. Similarly, the contribution limit for annual contributions to IRAs was capped at $6,000. However, due to a recent change put in place by the IRS, these numbers have been increased for 2023. Contribution Limits for 401(k)s The IRS… Read More »
IRS Provides Taxpayers With COVID-19-Related Penalty Relief For Certain Tax Returns
Many taxpayers are still struggling financially from the effects of the COVID-19 pandemic. In response, the IRS recently announced a new tax relief package that should be helpful to many of these families. Under these relief measures, individuals and businesses who failed to file certain 2019 and 2020 tax returns on time will be… Read More »
Grandparents With Eligible Dependents Could Qualify For 2021 Child Tax Credit
Many taxpayers think that parents are the only ones who can claim child-related tax benefits, like the Child Tax Credit (CTC) when filing a yearly tax return. The reality, however, is that any taxpayers who claim a dependent on their returns could be entitled to CTC benefits. This includes eligible taxpayers who received the… Read More »
