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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Two people doing taxes at a table.

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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Teacher standing over students desk working on art project.

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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Person reviewing canceled debt while filing 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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Four children hugging at summer camp.

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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missed 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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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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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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Did you change your name last year? Did your dependent have a name change? If the answer to either question is yes, be sure to notify the Social Security Administration before you file your tax return with the IRS. This is important because the name on your tax return must match SSA records. If they don’t,…

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