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coins staking in a row on top of cubes reading 2020 - symbolizing tax changes in 2020

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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Tax Breaks for Business: Charitable Giving

How to Identify Charitable Tax Breaks for Your Business 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. Verify that the Organization is…

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Two people doing taxes at a table.

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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Heavy Use Truck (tractor-trailer) on the highway

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 standing over students desk working on art project.

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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Person reviewing canceled debt while filing taxes

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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Four children hugging at summer camp.

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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hurricane season and IRS preparation

IRS Promotes Disaster Readiness and Hurricane Preparedness Week

WASHINGTON — Disasters can happen at any time, and the Internal Revenue Service is encouraging taxpayers to be prepared for the unexpected. In the past 18 months, the IRS responded to presidentially declared disasters in 15 states and U.S. territories. The IRS offered tax relief and assistance to victims of hurricanes, typhoons, earthquakes, volcanos, fires,…

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Identity theft

Identity Theft and Your Taxes

Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. It presents challenges to individuals, businesses, organizations and government agencies, including the IRS. Learning that you are a victim of identity theft can be a stressful event. In many cases, you may not be…

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missed tax deadline

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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