Two Education Credits Help Taxpayers with College Costs With school back in session, parents and students should look into tax credits that can help with the cost of higher education. They do this by reducing the amount of tax someone owes on their tax return. If the credit reduces tax to less than zero, the
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Taxpayers with dependents may qualify to claim a few different tax credits. One of these is the child tax credit. The child tax credit benefits people whose dependent meets a series of tests. If the dependent doesn’t meet those qualifications, the taxpayer may be able to claim the credit for other dependents. Here’s some info about
The 100% additional first-year depreciation deduction generally applies to depreciable business assets with a recovery period of 20 years or less and certain other property. Machinery, equipment, computers, appliances, and furniture generally qualify.
Taxpayers/business owners who use their home for business may be eligible to claim a home office deduction. It allows qualifying taxpayers to deduct certain home expenses on their tax return. This can reduce the amount of the taxpayer’s taxable income. Below are some things to help taxpayers understand the home office deduction and whether they can claim it.
If you are worried about having too many exemptions at the last minute, you are better off overpaying money to the IRS.
For small business owners and self-employed people, that usually means making quarterly estimated tax payments.
Taxpayers who itemize their deductions may be doing things this summer that will affect the tax returns they file next year. The higher standard deduction means fewer taxpayers are itemizing their deductions.
Please re-verify if you are still eligible to continue to claim the business use of your car even though you may have on past tax returns. Some taxpayers can. Some cannot. Here’s a breakdown of which taxpayers can claim this deduction when they file their tax returns. Business owners and self-employed individuals Individuals who own
With summer here, many students will turn their attention to making money from a summer job. Whether it’s flipping burgers or filing documents, the IRS wants student workers to know some facts about their summer jobs and taxes. New Employees Employees – including those who are students – normally have taxes withheld from their paychecks
It’s the middle of the year. Have you done a “Paycheck Checkup” yet? It is always a good idea for taxpayers who work multiple jobs or who may be adding summer employment to complete a Paycheck Checkup. Why? Doing this will help you check if you are having the right amount of tax withheld from
