Are you choosing the best tax preparer?

It is in the taxpayer’s best interest to choose a tax preparer that best suits their needs. After all, responsibility does fall on the taxpayer for the information disclosed on their tax return, not the tax preparer. There is a large assortment of tax preparers available to assist you with your 2020 taxes, but are …

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Give back this tax season

The Internal Revenue Service (IRS) and its many partners are asking for volunteers who are interested in helping those in need this tax season. For many years, the IRS has sponsored various programs to help families in the U.S. who may be struggling. One of these programs provides volunteer income tax assistance to eligible taxpayers, …

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Is your charitable donation tax deductible?

Charitable donations are a hot topic during tax season. Luckily, the IRS has a helpful tool to help you determine whether donations can be taken as tax-deductible charitable contributions. Don’t miss: What your tax professional needs (and doesn’t) to prepare your 1040 It is called the Tax-Exempt Organization Search. This helpful tool lets you search …

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What your tax professional needs (and doesn’t) to prepare your 1040

For many people, maybe you, preparing a tax return is like a foreign language. Luckily for you, you can always have a tax professional prepare your tax return for you. It can be hard to distinguish what your tax professional needs to complete your return between all the statements, documents and other miscellaneous items you …

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Tax preparation, security and the IRS

I received an email from the Internal Revenue Service – no, really, it is legitimate. It wasn’t a scam trying to get my personal information – I have actually signed up for these emails directly on IRS.gov.  There is this page where you can subscribe to emails – turns out that some of them are …

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The new form 1099-NEC

Another new change is coming for the 2020 tax season. Nearly 70% of filers in 2019 who reported income in Box 7 (nonemployee compensation) of Form 1099-MISC will now be using the new Form 1099-NEC to report nonemployee compensation! Don’t miss: Closing down a sole proprietorship The IRS decided to make this change effective for …

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Best practices for protecting your data

As the amount of available data stored by businesses and individuals continues to grow so does the risk that the data can be accessed by unauthorized individuals. Below is a list of tips to help a business or individual keep their data secure. Don’t miss: IRS transcripts masked for identity protection Antivirus Software – Antivirus …

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FAQs for filing an amended tax return

If you have ever filed an amended tax return in the past, you know a paper tax return was required since amended tax returns could not be filed electronically. Good News! If you need to amend your 2019 Form 1040 and 1040-SR, the IRS says you can file your amended tax return (1040-X) electronically at …

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Estate and tax planning for your home

There are numerous ways to own real estate and these ownership arrangements have significant legal and tax ramifications. Let’s take a look at some of the most popular arrangements and what might happen after death. First, let’s assume that John and Jane Smith are married, and that Joe Nelson is John’s business partner. John died …

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Tax consequences to refinancing your home

Mortgage interest rates have decreased this year and a lot of people have jumped at the opportunity to refinance their home mortgage loans to take advantage of these lower rates. So, what does this mean for your tax situation? As you may already know, the IRS allows you to deduct your home mortgage interest on …

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