Category Archives: Tax IRS
The Employer-Provided Childcare Tax Credit
Employers who provide childcare services to their employees could be eligible for the employer-provided childcare tax credit, which covers expenses for childcare facilities, childcare resources, and referrals. This credit is an incentive that offers qualifying businesses a tax credit of up to $150,000 to offset 25 percent of their yearly childcare facility expenditures, in… Read More »
FAQs About 1099-K Forms
Many taxpayers receive 1099-K forms come tax season. These forms are a type of information return that is used to report certain types of payments received by a taxpayer during the year. Unfortunately, there is a lot of confusion about 1099-K forms, which can lead to costly mistakes when filing one’s return. To help… Read More »
Your Tax Time Guide
With tax season quickly approaching, it’s important that taxpayers start preparing to submit their returns and make any payments that they owe. To help, we’ve included a few things to keep in mind this spring when you file your 2023 taxes. Tips for Filing an Accurate Return The deadline for filing income returns this… Read More »
What to Know About Standard vs Itemized Deductions
A tax deduction lowers the amount of a taxpayer’s income that is subject to taxes, thereby also lowering the amount that a taxpayer has to pay come tax season. While most taxpayers use the standard deduction, many instead opt for the itemized deduction. Read on to learn more about the differences between these two… Read More »
IRA Owners Can Make Up to $100,000 in Tax-Free Charitable Gifts
In most cases, distributions from traditional Individual Retirement Arrangement (IRAs) are taxable when they are received. There are, however, exceptions to this rule. For instance, IRA owners who are over a certain age can transfer as much as $100,000 with no tax repercussions every year as long as those distributions are paid directly from… Read More »
Storm Victims in Alabama, California, and Georgia Eligible for Tax Filing Extension
Storm victims who live in Alabama, California, and Georgia have been granted an extension to file their 2022 income tax returns. Those who live or own a business in areas designated as disaster zones by the Federal Emergency Management Agency (FEMA) in these three states now have until October 16th not only to file… Read More »
Processing of Employee Retention Credit Halted After Submission of Questionable Claims
The IRS recently announced that it would be placing a moratorium (through the end of the year) on the processing of all new claims for the Employee Retention Credit. The announcement came after it was revealed that aggressive marketing to ineligible applicants had resulted in a surge of false claims. The agency plans to… Read More »
401(k) and IRA Contribution Limits Set to Increase Next Year
Many employers offer 401(k) plans to their employees, which allow individuals to place a portion of their paycheck automatically into their retirement savings account. While there are a lot of advantages to investing in 401(k) plans, there are also limits to how much a person can contribute. There are similar limits to the kinds… Read More »
Filing a Tax Appeal with the Independent Office of Appeals
The IRS guarantees taxpayers certain rights, including the right to appeal the agency’s decisions about tax-related disputes. In these cases, taxpayers can try to avoid the time and expense of taking the case to trial by submitting a request for review to the IRS Independent Office of Appeals. When reviewing these cases, Appeals officers… Read More »
Beware of These Tax Scams
Taxpayers should always be wary of tax scams, which have proliferated in recent years. Taking precautionary measures, however, is especially important during the summertime, when tax scams surge across the country. Many of these scams involve emails and text messages that promise tax refunds or offers to help with tax issues, but that actually… Read More »
