Tag Archives: Franek Tax Services

Tax Credit for Other Dependents

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

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New 100% Depreciation

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.

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Estimated Taxes – What You Need to Know

For small business owners and self-employed people, that usually means making quarterly estimated tax payments.

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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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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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Franek Tax Services, Tax Return Preparation, Cary, NC