The deadline for taxpayers who requested an extension to file is Oct. 15, 2024, and some may choose to hire a tax return preparer. Those who do need to understand how to choose a tax preparer wisely and how to work with them. What to consider when choosing a tax return preparer Taxpayers should keep these things in mind when looking for a tax return preparer. • Make sure the […]

WASHINGTON — The Internal Revenue Service today announced tax relief for individuals and businesses in four states affected by Hurricane Debby. Affected taxpayers in South Carolina, North Carolina, Florida and Georgia now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). Currently, this applies to: […]

There are two education tax credits designed to help offset education costs: the American Opportunity Tax Credit and the Lifetime Learning Credit. Eligibility requirements For both tax credits, to be eligible: The taxpayer, their spouse or their dependents must take post-high school coursework in tax year 2024. The student must have a Form 1098-T, Tuition Statement, from an eligible educational institution. There are exceptions for some students. Things taxpayers should know about the education tax […]