If you are an eligible educator, you may deduct up to $300 from trade or business expenses. Joint return filers who are both educators may deduct up to $300 per spouse. You may qualify for this deduction if you work as a teacher, counselor, principal...
Some taxpayers will receive a letter from the IRS in 2023 about possible theft of their identity. If you receive one of these letters, it means the IRS suspects that a scammer has used your personal information to attempt to claim a tax refund. There...
The Commissioner of the IRS recently reported that the agency will discontinue nearly all unannounced visits to homes and businesses by revenue officers. This policy change is expected to improve safety, reduce confusion by allowing taxpayers to...
​​​​If you welcome a new child to your home in 2023, whether through birth, adoption or taking in a relative like a grandchild, then you may qualify for new tax benefits. However, there are some important steps to take now to preserve your...
October 10th Employees Who Work for Tips – If you received $20 or more in tips during September, you must report them to your employer (employees are required to keep a daily record of tips). All tips must be reported on your individual...
Taxpayers engaged in a trade or business generally must file IRS/FinCEN Form 8300 anytime they receive $10,000 in cash in a single transaction or related transactions. Currently, taxpayers have the option of filing this form either electronically or...
The Employee Retention Credit (ERC) was created under the 2020 CARES Act to help small businesses keep employees on their payrolls during pandemic-related shutdowns. Unfortunately, the refundable credit has become a target of scammers, who...