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Taylor Bennett

Taylor Bennett

Recent Posts

Tax Tips for Students With a Summer Job

Posted by Taylor Bennett on Jul 9, 2020 8:01:00 AM

Whether the goal is to gain experience or earn some spending money or help pay for college, summer is the prime job season for teens and college students. This year, however, with the coronavirus pandemic, the job situation has not been as easy - not to mention that it is starting later than usual. Nonetheless, if you are a high school or college student (or the parent of one) who has been lucky enough to find summer employment, here's what you should know about income earned during the summer months

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Topics: Taxable Income, Personal Finance, Taxes, Tax Planning

Facts About Capital Gains and Losses

Posted by Taylor Bennett on Jun 18, 2020 8:27:00 AM

When you sell a capital asset such as a home, household furnishings, and stocks and bonds held in a personal account, the difference between the amount you paid for the asset and its sales price is known as a capital gain or capital loss. Here are ten facts you should know about how gains and losses can affect your federal income tax return.

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Topics: Business Ownership, Personal Finance, Taxes, Rental Real Estate, Home Ownership

Facts About the Adoption Tax Credit

Posted by Taylor Bennett on Jun 2, 2020 7:55:00 AM

Parents who adopted or started the adoption process during 2019 may qualify for the adoption credit. Generally, the credit is allowable whether the adoption is domestic or foreign. However, the timing rules for claiming the credit for qualified adoption expenses differ, depending on the type of adoption.

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Topics: Personal Finance, Taxes, Tax Credit, Tax Return, Adoption

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

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

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

Six Facts About Form 1040-SR

Posted by Taylor Bennett on Mar 5, 2020 8:17:00 AM

Taxpayers aged 65 or older now have the option to use Form 1040-SR, U.S. Tax Return for Seniors, thanks to the Bipartisan Budget Act of 2018, which required the IRS to create a new tax form for seniors. Here are six facts you should know:

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Topics: Taxes, Tax Return, Tax Preparation

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