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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

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

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

Tax Treatment of State and Local Tax Refunds

Posted by Scott Farnes on Mar 17, 2020 8:01:00 AM

The Tax Cuts and Jobs Act (TCJA), enacted in December 2017, limited the itemized deduction for state and local taxes to $5,000 for a married person filing a separate return and $10,000 for all other tax filers. The limit applies to tax years 2018 to 2025.

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Topics: Taxable Income, Taxes, Tax Return

Home Equity Loan Interest Still Deductible

Posted by Missy Dennis on Mar 10, 2020 8:22:00 AM

The Tax Cuts and Jobs Act has resulted in questions from taxpayers about many tax provisions including whether interest paid on home equity loans is still deductible. The good news is that despite newly enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity line of credit (HELOC) or second mortgage, regardless of how the loan is labeled.

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Topics: Personal Finance, Tax Deduction, Tax Return, Home Ownership

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

Tips for Taxpayers Who Make Money From a Hobby

Posted by Scott Farnes on Feb 20, 2020 8:14:00 AM

Many people enjoy hobbies that are also a source of income. From soap making and pottery to calligraphy and designing jewelry, these activities can be sources of both fun and finances. However, taxpayers who make money from a hobby should know that they must report that income on their tax return.

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Topics: Business Ownership, Personal Finance, Taxes, Small Business, Tax Return

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