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Understanding Changes to Tax Laws
Tax laws change frequently, and while many of these changes are small and may only have a minor effect on your return, others are much larger and can have a much more significant impact. The Tax Cuts and Jobs Act enacted this year made sweeping changes to tax l...
Tax laws change frequently, and while many of these changes are small and may only have a minor effect on your return, others are much larger and can have a much more significant impact. The Tax Cuts and Jobs Act enacted this year made sweeping changes to tax l...
Who Is the QBID For?
To qualify for this deduction, you must be an owner or partner in a business. The deduction would apply only to the income you receive through this entity, and not to any other income you might report on your tax return. The QBID is applied to your income prior to calculati...
To qualify for this deduction, you must be an owner or partner in a business. The deduction would apply only to the income you receive through this entity, and not to any other income you might report on your tax return. The QBID is applied to your income prior to calculati...
Installment Agreement
An installment agreement is simply a monthly payment plan. The IRS is usually very willing to work with taxpayers to set up these payment plans; it is much easier for them to work out monthly payments with you than it is to pursue collection actions. So, if you owe less th...
What Expenses Are Deductible?
When determining whether or not you qualify for the medical expenses deduction, it’s important that you know which expenses can be counted towards your total medical costs. These are the types of expenses that the IRS will allow you to claim if you qualify for this...
When determining whether or not you qualify for the medical expenses deduction, it’s important that you know which expenses can be counted towards your total medical costs. These are the types of expenses that the IRS will allow you to claim if you qualify for this...
1. Ask for Their PTIN
Anyone who is paid to prepare federal tax returns is required to have a Preparer Tax Identification Number, or PTIN. Be sure to ask anyone you hire if you can have their PTIN, and be sure to check it on the IRS’s directory of federal tax return preparers. Note, however, th...
Anyone who is paid to prepare federal tax returns is required to have a Preparer Tax Identification Number, or PTIN. Be sure to ask anyone you hire if you can have their PTIN, and be sure to check it on the IRS’s directory of federal tax return preparers. Note, however, th...