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Relief for Businesses with Net Operating Losses

Posted by Taylor Bennett on May 27, 2020 8:01:00 AM

Taxpayers with net operating losses (NOLs) for a business are provided tax relief under the CARES Act. Tax relief for partnerships filing amended returns is provided as well. Let's take a look at three key points:

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Topics: Business Ownership

Tips for Deducting Medical and Dental Expenses

Posted by Taylor Bennett on May 21, 2020 8:08:00 AM

If you, your spouse, or dependents have significant medical or dental costs in 2019, you may be able to deduct those expenses when you file your tax return this year. Here are eight things you should know about medical and dental expenses and other benefits:

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Topics: Personal Finance, Taxes, Managing Your Tax Liability, Tax Deduction, Tax Return

Ready to File? This Tax Records Checklist Will Help

Posted by Scott Farnes on May 13, 2020 8:03:00 AM

If you're a taxpayer who has not yet filed their 2019 tax return, you may be getting ready to do so now. One of the first things you will need to do - before visiting your tax preparer - is to gather all of your year-end income documents. Doing so ensures that your tax return is complete and accurate.

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Topics: Taxes, Record Keeping, Tax Return, Tax Preparation

Tax-exempt Organizations Required to e-file Forms

Posted by Missy Dennis on May 7, 2020 8:03:00 AM

The Taxpayer First Act enacted July 1, 2019, requires tax-exempt organizations to electronically file information returns and related forms. Those that previously filed paper forms will receive a letter from the IRS informing them of the change.

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Topics: Taxes, Tax Return, Tax Exemption

Watch Out for Coronavirus Scams

Posted by Scott Farnes on Apr 28, 2020 7:56:00 AM

Taxpayers should be on the lookout for calls and email phishing attempts regarding the Coronavirus, or COVID-19 that could lead to tax-related fraud and identity theft. Because criminals take every opportunity to perpetrate a fraud on unsuspecting victims during times of need, taxpayers should also be skeptical about text messages received and websites and social media attempts to request money or personal information.

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Topics: Personal Finance, Tax Scam

Five Tips to Protect Against Identity Theft

Posted by Taylor Bennett on Apr 23, 2020 8:32:00 AM

Tax-related ID theft occurs when someone uses a taxpayer's stolen personal information to file a tax return claiming a fraudulent refund. Thieves then use personal information like a stolen Social Security number. While the accounting profession and IRS work hard to prevent identity theft, taxpayers also play an important role.

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Topics: Personal Finance, Taxes, Record Keeping

High-deductible Plans Cover Costs for Coronavirus

Posted by Taylor Bennett on Apr 14, 2020 8:22:00 AM

You can use high-deductible health plans (HDHPs) to pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment, without jeopardizing their status and you may continue to contribute to a health savings account (HSA).

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Topics: Personal Finance

Tax Refunds: Just the Facts

Posted by Taylor Bennett on Apr 8, 2020 7:56:00 AM

As tax-filing season gets underway, taxpayers may be anticipating receiving their refund by a certain date, especially if they plan on making major purchases or paying bills. While some tax returns are processed quickly, others may require additional review. As such, those refunds may take longer.

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Topics: Taxes, Tax Return

New Tax Law Affects Tax-Exempt Organizations

Posted by Missy Dennis on Mar 31, 2020 8:06:00 AM

The Taxpayer Certainty and Disaster Tax Relief Act, passed on December 20, 2019, includes several provisions that may apply to tax-exempt organizations' current and previous tax years. As such, tax-exempt organizations should understand how these recent tax law changes might affect them. With this in mind, let's take a look at three key pieces of legislation that affect nonprofit organizations:

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Topics: Business Ownership, Taxes

Reporting Tip Income: The Basics

Posted by Taylor Bennett on Mar 25, 2020 8:17:00 AM

The short answer is yes, tips are taxable. If you work at a hair salon, barbershop, casino, golf course, hotel, or restaurant, or drive a taxicab, then the tip income you receive as an employee from those services is taxable income. Here are a few other tips about tips:

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Topics: Taxable Income, Personal Finance, Taxes, Record Keeping, Tax Return, Tax Preparation

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