Archived Posts: Tax deductions

Tax Tips for November 2021

Tax Tips for November 2021

by | Nov 30, 2021 |

Click on the links below to jump to each section in this article: IRS Charges Fee for Estate Closing Letters Shared Custody and Advance Child Tax Credit Payments Tips To Avoid Fraud and Scams After a Disaster Deferred Tax on Gains From Forced Sales of Livestock Advertising and Marketing Costs May Be Tax Deductible IRS Charges Fee for Estate Closing Letters Starting October 28, a new $67 user fee will apply to any estate that requests an estate tax closing letter for its federal estate tax...

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Which Educator Expenses Are Tax Deductible?

Which Educator Expenses Are Tax Deductible?

by | Aug 19, 2021 |

Teachers and other educators should remember that they can deduct certain unreimbursed expenses such as classroom supplies, training, and travel – even when schools switched to hybrid or remote learning models during the pandemic last spring. Deducting these expenses helps reduce the amount of tax owed when filing a tax return.

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Deducting Business-Related Car Expenses

Deducting Business-Related Car Expenses

by | May 20, 2021 |

If you're self-employed and use your car for business, you can deduct certain business-related car expenses. There are two options for claiming deductions: Actual Expenses. To use the actual expense method, you need to figure out the actual costs of operating the car for business use. You are allowed to deduct the business-related portion of costs related to gas, oil, repairs, tires, insurance, registration fees, licenses, and depreciation (or lease payments). Standard Mileage Rate. To use the...

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Avoiding an IRS Tax Audit

Avoiding an IRS Tax Audit

by | Mar 4, 2021 |

Just 0.45 percent of taxpayers were audited in fiscal year 2019. Still, with taxes becoming more complicated every year, there is an even greater possibility of confusion turning into a tax mistake and an IRS audit. Avoiding "red flags" like the ones listed below could help. Red Flags That Trigger IRS Audits Claiming Business Losses Year After Year When you operate a business and file Schedule C, the IRS assumes you operate that business to make a profit. Claiming losses year after year...

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Small Business: Deductions for Charitable Giving

Small Business: Deductions for Charitable Giving

by | Dec 29, 2020 |

How Your Business Benefits By Giving Back Tax breaks for charitable giving aren't limited to individuals, your small business can benefit as well. If you own a small to medium-size business and are committed to giving back to the community through charitable giving, here's what you should know. 1. Verify that the Organization is a Qualified Charity Once you've identified a charity, you'll need to make sure it is a qualified charitable organization under the IRS. Qualified organizations must...

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Tax Tips for November 2021

Tax Tips for December 2020

by | Dec 21, 2020 | ,

Click on the links below to jump to each section in this article: Retirement Contributions Limits Announced for 2021 Solar Technology Tax Credits Still Available for 2020 Relief for Drought-Stricken Farmers and Ranchers Beware of Gift Card Tax Scams Charitable Donation Deduction Could Lower Your Tax Bill   Retirement Contributions Limits Announced for 2021 Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2021 are as follows:...

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Tax Tips for November 2021

Tax Tips for November 2020

by | Nov 23, 2020 | ,

Click on the links below to jump to each section in this article: Seasonal Workers and the Healthcare Law Tips for Taxpayers: Backup Withholding Tax-Related Items To Keep in Mind When Disaster Strikes Individual Retirement Arrangements: Terms To Know   Seasonal Workers and the Healthcare Law Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for holidays, harvest seasons, commercial fishing, or sporting events....

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