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Category Archives: Tax Return Preparation

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The Out-Of-Pocket Educator Expense Deduction

By Ronald Cutler, P.A. |

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 »

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Grandparents With Eligible Dependents Could Qualify For 2021 Child Tax Credit

By Ronald Cutler, P.A. |

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 »

FamilyTaxCredit

Over 9 Million Families Still Eligible For Tax Benefits

By Ronald Cutler, P.A. |

The IRS sent notices to more than nine million individual taxpayers and families who could qualify for a number of tax benefits, but who failed to claim them because they didn’t file a 2021 return. If you received a special notice, consider reaching out to an experienced tax lawyer for help claiming a variety… Read More »

TaxDeduction

Claiming Business-Related Travel Deductions

By Ronald Cutler, P.A. |

As anyone who has to travel for work knows, doing so can be expensive. The cost of hotels, airfare, rental cars, food, and ride share services can all quickly add up. The good news is that taxpayers who travel for business are often able to off-set some of those costs by claiming business travel… Read More »

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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 »

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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 »

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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 »