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Category Archives: Tax Return Preparation

Taxes3

Tax Tips For Divorcing Couples

By Ronald Cutler, P.A. |

When married couples go through a legal separation or divorce, their change in relationship status could end up affecting their tax situation. Couples who share children, for instance, will need to determine who will claim those children as dependents on their tax returns. Newly divorced couples will also need to consider their new filing… Read More »

TaxPrep2

Tax Reporting Required For Foreign Accounts And Assets

By Ronald Cutler, P.A. |

U.S. citizens, resident aliens, and some nonresident aliens are required to report certain kinds of foreign financial assets on their yearly tax returns if the value of those assets exceeds specific thresholds. Fulfilling this obligation often requires the completion of a lot of paperwork and compliance with numerous deadlines. If you are unsure about… Read More »

TaxesOnline

Correcting Your Tax Return Electronically

By Ronald Cutler, P.A. |

Even the most careful taxpayer could end up making a mistake when preparing or submitting a tax return. Fortunately, it is possible to amend one’s return without incurring any penalties. In fact, one of the best ways to do so is online. Recently, the IRS opened this option up to even more tax return-related… Read More »

TaxReturn2

Steer Clear Of These Common Tax Return Errors

By Ronald Cutler, P.A. |

Although we’ve included a few of the most common errors made by taxpayers when submitting their taxes, they are by no means the only ones, so if you are starting the process of filing your taxes or have already done so and received notice of an error, you should consider reaching out to an… Read More »

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 »

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 »

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 »

Itemize

Should I Itemize My Deductions?

By Ronald Cutler, P.A. |

Many people mistakenly believe that tax deductions directly reduce the amount of taxes that they owe. The reality, however, is that tax deductions lower the amount of a taxpayer’s taxable income, which in turn, lowers his or her tax liability. There are a couple of different ways to track deductions when filing a federal… Read More »