Caras & Shulman, Author at Caras Shulman

What To Know About the Gig Economy and Your Taxes

by Caras & Shulman | Mar 14, 2022 | Featured Articles

The gig economy, also called sharing or access economy, is defined by activities where taxpayers earn income providing on-demand work, services, or goods. This type of work is often carried out via digital platforms such as an app or website. There are many types of sharing economy businesses, including two of the most popular ones: ride-sharing, Uber and Lyft, for example, and home rentals such as Airbnb. If taxpayers use one of the many online platforms to rent a spare bedroom, provide car...

Tax Breaks for Taxpayers Who Itemize

by Caras & Shulman | Mar 7, 2022 | Featured Articles

Many taxpayers opt for the standard deduction, but sometimes itemizing your deductions is the better choice - often resulting in a lower tax bill. Whether you bought a house, refinanced your current home, or had extensive gambling losses, you may be able to take advantage of tax breaks for taxpayers who itemize. Here's what to keep in mind: Deducting State and Local Income, Sales, and Property Taxes The deduction that taxpayers can claim for state and local income, sales, and property taxes is...

Filing a Tax Return: Avoid These Common Errors

by Caras & Shulman | Mar 3, 2022 | Featured Articles

While not all mistakes on tax returns cause delays in refunds, as the April 18 deadline approaches, taxpayers are advised to steer clear of the common tax return errors listed below to ensure a timely refund. Not Using Electronic Filing While this isn't necessarily a mistake per se, electronic filing is the best way to cut the chances for many tax return mistakes while maximizing deductions to reduce the amount of tax owed. The reason for this is that the tax software your tax professional...

Working Remotely Could Affect Your Taxes

by Caras & Shulman | Feb 14, 2022 | Featured Articles, Uncategorized

When COVID-19 struck, many employers quickly switched to a work-from-home model for their employees. Many of them began working in a state other than where their office was located. While some workers have returned to their offices, as the pandemic drags on, more offices continue to work remotely with no back-to-office dates insight. If you're working remotely from a location in a different state (or country) from that of your office, then you may be wondering if you will have to pay income...

What’s New for IRS Form 1040 This Year

by Caras & Shulman | Feb 7, 2022 | Featured Articles

If you’ve gathered your tax documents and are ready to tackle your tax return, there’s one more step you should take: becoming familiar with what’s new on the 2021 Form 1040. While the format of Form 1040 and its schedules remain similar to 2020, there are several changes. Many of these changes can be attributed to the American Rescue Plan Act of 2021 (ARP).

The 2022 Tax Filing Season: What You Need to Know

by Caras & Shulman | Feb 1, 2022 | Featured Articles

Monday, January 24, 2022, was the official start to this year’s tax season. By now, everyone should have received most of the information they need to make sure they file a complete and accurate return.

Tax Tips for January 2022

by Caras & Shulman | Jan 31, 2022 | Tax Tips

Click on the links below to jump to each section in this article: Standard Mileage Rates for 2022 Why Using the Correct Filing Status Matters Tax Credits for Accommodating Disabled Workers Watch Out for Holiday Gift Card Scams What To Know About Keeping Good Tax Records Standard Mileage Rates for 2022 Starting January 1, 2022, the standard mileage rates for the use of a car, van, pickup, or panel truck are as follows: 58.5 cents per mile driven for business use, up 2.5 cents from the rate for...