As a reminder to those who have not yet filed their 2020 tax returns, May 17, is the due date to either file a return (and pay the taxes owed) or file for an automatic extension (and pay an estimate of the taxes owed). Normally April 15 is the due date, but this year the IRS extended it until May 17.
If you’re due a federal tax refund for 2017, time is running out for you to claim it!
If you are unable to pay the tax you owe, it is generally in your best interest to make other arrangements to obtain the funds for paying your taxes. We explore a few options to consider in our Tax Tip.
Tax Consultant Jessie Thomas, CPA, provides some considerations for donating to charitable causes in 2021, including deductions if you are unable to itemize, deduction limits on property, and the benefit of a donor-advised fund.
New business owners, especially those operating small businesses, may be helped by a tax provision allowing them to deduct up to $5,000 of the start-up expenses and $5,000 of organizational costs in the first year of the business’s operation.
If you or a dependent have already filed your federal return with unemployment income, the IRS will automatically adjust your return to account for the American Rescue Plan’s $10,200 exclusion.
The “Money Talks” Experts provide insight into the current tax season and tips for those who owe more than expected this year.
It’s been a year, and we’re still working from home! Thanks coronavirus. Can I qualify for a special tax deduction for using my home as a workplace?
Tax credits are a tax benefit that offsets your actual tax liability, as opposed to a tax deduction, which reduces your income. The following is a summary of some of the tax credits available to individual taxpayers:
If your teens or grandchildren talk about becoming a famous gamer on YouTube, you may think their dreams of playing video games is ridiculous. However, their passion for playing can become a real business.
