The amount of identity theft cases continues to increase each year and could even affect your tax return and/or refund. Identity thieves will use another individual’s social security number in order to file a false tax return to claim a refund. This tends to happen early in the tax filing season. You may be a …
For those of you with children, you hear rumors about the tax benefits of children. Unfortunately, some of the tax benefits seem to be less than the actual monetary cost of the child, but there is a way to potentially offset your tax bill with credits related to those adorable urchins. The Child Tax Credit …
Writing a check to your favorite charity is always a great way to support the organization and often results in an itemized deduction on your tax return. Throwing a fundraiser in your home for that organization can result in a tax deduction as well. You just need to make sure you follow some rules. First, …
It’s been termed a crisis and the numbers bear that out. In the first quarter of 2019 student loan debt reached an all-time high of $1.4 trillion. In the last ten years the amount of student loan debt has increased by 116%. There has been a great deal of discussion regarding student loans and various …
If you are a member of the U. S. Armed Forces, likely the last thing on your mind is taxes. Be aware though, there are many special tax benefits available to members of the armed forces. Don’t miss: How to report identity theft to the IRS Following are six of those benefits: Deadline Extensions. Some …
In order to properly qualify a newly created entity for S-corporation status, Form 2553 must be filed no more than two months and fifteen days after the beginning of the tax year the election is to take effect. Not surprisingly, this brief window of opportunity is frequently overlooked by taxpayers unfamiliar with the rule, and …
You received mail from the Arizona Department of Economic Security (DES) regarding your recent application for unemployment benefits. Trouble is you never applied for unemployment. Don’t just drop the letter in the trash. You could be a victim of identity theft, and Arizona wants to hear about it. Fraud is common with unemployment but since …
IRC 30D(a) offers a credit to the buyer of an eligible plug-in electric drive motor vehicle. According to the IRS website, the additional models of Audi, MINI and Toyota Prius now qualify for the plug-in electric drive motor vehicle tax credit. The amount of the credit is $2,500 for allowed vehicles purchased after December 31, …
As discussed in the blog on dashboards and visualizations, there are increased benefits when integrating multiple software packages a company uses, such as general ledger, inventory management, customer relationship management, human resource information system and point-of-sale systems. Once the applicable software packages are integrated, the customized reports and analytics can be prepared. Don’t miss: Transfer …
Transfer tax and foreign tax figures are among those that are adjusted annually for cost-of-living increases. Thomson Reuters Checkpoint has calculated these figures for the year 2021 using the chained Consumer Price Index from August 2020. Don’t miss: Reasonable compensation for S-Corporation shareholder employees The annual gift tax exclusion will remain at $15,000 and the …
The new revenue recognition standard takes effect for most private companies in 2019, but you can’t wait until then to learn about this. Download our new e-Book now.
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