The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted last spring, includes several temporary tax changes that help charitable organizations. One such provision allows taxpayers to deduct cash donations of up to $300 made before December 31, 2020.
Charitable Donation Deduction Could Lower Your Tax Bill
Topics: Taxable Income, Personal Finance, Taxes, Tax Deduction, Tax Return, Nonprofit, Tax Preparation
Avoid Refund Delays by Renewing Expiring ITINs Now
People who are not eligible for a Social Security number must use individual taxpayer identification numbers (ITINs) if they have tax filing or payment obligations under U.S. law. Periodically and under certain circumstances, these ITINs expire and should be renewed as soon as possible to avoid unnecessary delays related to tax refunds next year.
Topics: Taxes, Tax Return, Tax Preparation, ITIN
Tax Record Keeping Tips for Individuals and Businesses
The key to avoiding headaches at tax time is keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you remember the various transactions you made during the year.
Topics: Business Ownership, Personal Finance, Taxes, Record Keeping, Tax Return, Tax Planning, Tax Preparation
The Home Office Deduction
With more people working from home than ever before, taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. The short answer is that self-employed taxpayers who use their home for business may be able to deduct expenses for the business use of it whether they rent or own their home. If you are an employee, however, you are not eligible to take the home office deduction - even if you are working remotely in your home office.
Topics: Taxes, Tax Deduction, Small Business, Tax Return, Tax Preparation, Business Expenses
Ready to File? This Tax Records Checklist Will Help
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.
Topics: Taxes, Record Keeping, Tax Return, Tax Preparation
Reporting Tip Income: The Basics
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:
Topics: Taxable Income, Personal Finance, Taxes, Record Keeping, Tax Return, Tax Preparation
Six Facts About Form 1040-SR
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:
Topics: Taxes, Tax Return, Tax Preparation
Figuring out Your Correct Filing Status
Your filing status determines which tax forms you need to file, the amount of your standard deduction, eligibility for certain tax credits, and how much tax you owe. In some cases, it may even impact whether you need to file a federal income tax return.
Topics: Taxes, Tax Preparation
Do You Need to File a 2019 Tax Return?
Topics: Taxable Income, Taxes, Tax Deduction, Tax Credit, Tax Return, Tax Preparation