Deductions

tax credit

Should You Opt Out of the Advance Child Tax Credit?

If you have children under the age of 18, by now you likely have gotten your first advance child tax credit payment, either by check or by direct deposit. Be aware, this is money you would have gotten credit for on your 2021 tax return when you file it next year anyway. You are just receiving it in advance, meaning you may not get as much as expected when you file your tax return.

business tax services

Don’t Miss Out on Year-End Tax Planning Opportunities

Individual Planning Opportunities Did You Collect Unemployment Income This Year? If you did, you should be aware that it is taxable for federal purposes and that most states also tax unemployment benefits. Even if you had … Read More

Standard Mileage Reimbursement Rates Have Changed!

Every year, the Internal Revenue Service announces the optional standard mileage reimbursement rates. The IRS uses these rates to calculate the deductible costs of operating a vehicle for business, charitable, medical or moving purposes. Inflation is the primary reason why mileage reimbursement rates are have been adjusted for 2017. 

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Time-Share Use as a Charitable Deduction?

Have you ever considered your time-share use as a charitable deduction? If you have ever attended a charity auction, it is not uncommon. Often you may see a week’s use of a time-share included in the items donated for auction. The time-share owners who donate these weeks do so in hoping to be able to take charitable donation deduction on their tax returns.

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Made a Tax Mistake? File an Amended Tax Return

Did you forget something when you filed your tax return? Maybe overlooked something? Alimony income? Tip Income? Maybe another item of income? Maybe you forgot to claim a deduction or credit? It’s not too late! The good news! File an amended tax return.

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Does Uncle Sam Have a Birthday Gift for You This Year? Ages 50+

In our last post we talked about, ages 0-49 birthday surprises from Uncle Sam. This week, ages 50 and up get to discover their birthday gifts or surprises from the IRS when you file your tax return next … Read More