Summer is a season when people have fun, yet get things done. From buying a new house to cleaning their old one, 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. However, taxpayers who still plan to itemize next year should keep these tips in mind: Deducting […]

A taxpayer’s adjusted gross income is one factor that determines how much tax they owe. Taxpayers who plan today can  lower their AGI. This tip is one in a series about tax planning. These tips focus on steps taxpayers can take now to help them down the road. Here are a couple things taxpayers can do now to lower their AGI: Know how adjusted gross income affects taxes A taxpayer’s […]

With scam artists hard at work all year, taxpayers should be on the lookout for a surge of evolving phishing emails and telephone scams. Taxpayers should watch for new versions of two tax-related scams. One involves Social Security numbers related to tax issues. The other threatens taxpayers with a tax bill from a fictional government agency. Here are some details about these scams to help taxpayers recognize them: The SSN […]

While the federal income tax filing deadline has passed for most people, there are some taxpayers still facing tax-related issues. This includes taxpayers who haven’t paid their taxes and those who are waiting for their refund. Here are some tips for taxpayers handling some of the most typical after-tax-day issues. Here’s how taxpayers can: Check the status of a refund Taxpayers can check on their refund using the “Where’s My […]

IRS YouTube Videos: Individual Taxpayer Identification Number (ITIN) – English | Spanish WASHINGTON — Nearly 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2019 as the Internal Revenue Service continues to urge affected taxpayers to submit their renewal applications early to avoid refund delays next year. “We urge taxpayers with expiring ITINs to take action and renew the number as soon as possible. […]

All taxpayers should check their withholding – also known as doing a Paycheck Checkup – as soon as possible. They should do a checkup even if they did one last year. By checking their withholding, taxpayers can make sure enough is being taken out of their paychecks or other income to cover the tax owed. Here are some things taxpayers should know about withholding and why checking it is important: […]

The IRS is committed to ensuring taxpayers pay no more than the correct amount of tax owed. Taxpayers have the right to pay only the amount of tax legally due, including interest and penalties, and to have the IRS apply all tax payments properly. This is one of 10 basic rights known collectively as the Taxpayer Bill of Rights. Here are some important things taxpayers should know about their right […]

Small business owners may qualify for a home office deduction that will help them save money on their taxes, and benefit their bottom line. Taxpayers can take this deduction if they use a portion of their home exclusively, and on a regular basis, for any of the following: As the taxpayer’s main place of business. As a place of business where the taxpayer meets patients, clients or customers. The taxpayer […]

By Linda Ray  Maintaining high ethical standards is paramount in the world of accounting.. There is no room for error, sloppiness or questionable conduct when it comes to managing other people’s money. As an account, it is critical to hold yourself to a high ethical standard so your work will be beyond reproach. You can choose from a number of ethical conduct codes created for the accounting industry. Honesty Integrity […]

As taxpayers are completing their 2018 tax returns this year, they must complete the lines related to health care. For tax year 2018, the IRS will not consider a return complete and accurate if individuals do not do one of the following on their return: Report full-year health coverage Claim a coverage exemption Report and make a shared responsibility payment for everyone on the tax return The law continues to […]