Tax
A Tax Checklist for Newly Married Couples
Summer is the wedding season and newlyweds should understand how tying the knot can affect their tax situation. Here are three things newly married couples should know: Name and address changes Name. When a name changes through marriage, it is important to report that change to the Social Security Administration. The name on a person’s tax…
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Important 2020 Tax Changes for Individuals and Businesses
Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of important 2020 tax changes to help you plan the year ahead. 2020 Tax Changes for Individuals In 2020, a…
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New Tax Rules for Divorce and Alimony Payments
Divorce is a painful reality for many people both emotionally and financially, and quite often, the last thing on anyone’s mind is the effect a divorce or separation will have on their tax situation. To make matters worse, most court decisions do not take into account the effects divorce or separation has on your tax…
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Truckers Should e-file Heavy Highway Use Tax Return by September 3rd
Recently, the IRS issued a statement as a reminder for most heavy highway vehicle owners that the time to file Form 2290, the Heavy Highway Vehicle Use Tax Return, began on July 1st, 2019. Who Does the Heavy Highway Use Tax Return Apply to? The highway use tax is applicable to highway motor vehicles with…
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Teacher Tax Deductions: What Educators Need to Know
Tax Deductions for Teachers and Educators Educators can take advantage of tax deductions for qualified out-of-pocket expenses related to their profession such as classroom supplies, training, and travel. As such, as the new school year begins, teachers, administrators, and aides should remember to keep track of education-related expenses that could help reduce the amount of…
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What a Cancellation of Debt Means For Your Taxes
Generally, debt that is forgiven or canceled by a lender is considered taxable income by the IRS and must be included as income on your tax return. When that debt is forgiven, negotiated down (when you pay less than you owe), or canceled you will receive a Form 1099-C, Cancellation of Debt, from your financial…
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Is Summer Camp Tax Deductible in 2019?
Send Your Kids to Day Camp and You May Get a Tax Break Among the many great challenges of parenthood is what to do with your kids when school lets out. Do you keep them at home and try to capture their attention yourself or with the help of sitters? Or do you send them…
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What To Do If You Missed The Tax Deadline
Monday, April 15, 2019, was the tax deadline for most taxpayers to file their tax returns. If you haven’t filed a 2018 tax return yet, it’s not too late. Missed The Tax Deadline? Here’s What To Do: First, gather any information related to income and deductions for the tax years for which a return is…
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Top 10 Special Tax Benefits for Armed Forces Personnel
If you’re a member of the U.S. Armed Forces, the IRS wants you to know about the many tax benefits that may apply to you. Special tax rules apply to military members on active duty, including those serving in combat zones. These rules can help lower your federal taxes and make it easier to file…
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Reduce Your Taxes with Miscellaneous Deductions
If you itemize deductions on your tax return, you may be able to deduct certain miscellaneous expenses. You may benefit from this because a tax deduction normally reduces your federal income tax. Here are some things you should know about miscellaneous deductions: Miscellaneous Deductions Subject to the Two Percent Limit. You can deduct most miscellaneous expenses…
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