Earned Income Tax Credit (EITC) American taxpayers who earned $59,187 or less in the previous year to take advantage of the Earned Income Tax Credit (EITC). “This is an extremely important tax credit that helps millions of hard-working people every year,” said IRS Acting Commissioner Doug O’Donnell. “But each year, many people …
Filing Your Return As we approach the beginning of the 2022 tax filing season, I wanted to touch base with you to provide some important reminders and best practices to help you navigate the process. Whether you are preparing your taxes on your own or working with a professional, keeping the following key …
A Guide to Filing Your Tax Return with Confidence Filing a tax return can be a complex process, but with the right information, you can ensure that your return is filed accurately and efficiently. To help make this process easier, here is a list of the important information you need to have on …
Tax Refund The Benefits of Having a Tax Refund Direct Deposited Receiving a tax refund is a momentous occasion for taxpayers, and the experience is made even sweeter with the convenience of a quick deposit. The Internal Revenue Service (IRS) recognizes the advantages of direct deposit and encourages taxpayers to choose it as the …
Understanding Tax Deductions for Real Estate Professionals As a real estate professional, you are likely familiar with the importance of maximizing your deductions in order to lower your taxable income and reduce your tax liabilities. One way to do this is by taking advantage of various tax deductions available to real estate professionals …
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Documentation Required for Tax Filing Filing taxes can be a complex process, and the documentation required may vary based on your individual circumstances. In this article, we will outline the standard documents required for federal tax filing in the United States, as well as the additional documents needed for self-employed individuals and rental property …
Homeowner Tax Benefits: Deductions and Credits Homeownership comes with a number of tax benefits that can reduce the amount of tax owed or increase the amount of money returned in the form of a tax refund. In this article, we will discuss two common types of homeowner tax benefits: deductions and credits. Deductions …
LLC Taxed as an S-Corp Owning Real Estate LLCs have the option to be taxed as an S-Corp, providing a unique opportunity for business owners to benefit from a more favorable tax treatment potentially. This type of corporation is considered a pass-through entity, meaning that the business’s income is taxed at the individual shareholder …
Auto Expenses for Ride-sharing Drivers: Understanding the Tax Benefits Ride-sharing drivers who use their personal vehicles for business purposes are responsible for understanding the tax implications of their vehicle expenses. This article will provide an overview of the key expenses and tax rules related to vehicles used in ride-sharing. Actual Expense vs. …
Common Expenses for Home Improvement Contractors Home improvement contractors play a crucial role in overseeing and executing residential construction projects. To ensure the success and profitability of their projects, contractors must account for various cost categories, including materials, labor, inspections and permits, insurance, and overhead expenses. These costs can significantly impact the overall …
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