The Blog

Tax Benefits of Summer

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.

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Car Expenses – Claim Them – Yes or No

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

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Tips for Teens with Jobs

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

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Paycheck Checkup

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

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Tax Deductions for Educators

Educators may be able to deduct unreimbursed expenses on their tax return. This deduction can put money right back in the pockets of eligible teachers and other educators. Here are some things to know about this deduction. Educators can deduct up to $250 of trade or business expenses that were not reimbursed. As teachers prepare

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IRS Reminder: June 17 is Next Deadline

Joe Franek Tax Services here in Cary NC can help taxpayers figure their quarterly payments simply and accurately.

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Estimated Taxes Payments – Who, When and Where

The Internal Revenue Service today reminded self-employed individuals, retirees, investors and others who pay their taxes quarterly that the first estimated tax payment for tax year 2019 is due Monday, April 15, 2019, for most taxpayers. A 2018 tax return and 2019 Form 1040-ES, Estimated Tax for Individuals, can help these taxpayers estimate their first

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Your Healthcare and Taxes

As we approach the tax season, we can forget to include healthcare information. If you were without insurance of any sort throughout the year, then you may owe a penalty. If you did not have any credits this year and made above the average household income your penalties might eat into your return or leave

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Holiday Preparations and What to Consider

It’s already nearing the Holiday Season as we find ourselves moving through October. Thanksgiving, Chanukah, and Christmas are intended to be the most festive times of year, but for many they can strain finances and leave others emotionally exhausted. Instead of getting discouraged or becoming high strung take a moment to reflect and read this

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Beware of Fraudulent Charities

Generosity takes its form in different ways, it could be donating some of your valued time by volunteering for a good cause or maybe donating some money to the less fortunate. While there is totally nothing wrong in donating money to a worthy course, you should be wary of the way you spend your money

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Franek Tax Services, Tax Return Preparation, Cary, NC