Employers should certify employees before claiming the Work Opportunity Tax Credit

Employers should certify employees before claiming the Work Opportunity Tax Credit

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Employers who hire people from certain groups can reduce the tax they owe when they claim the Work Opportunity Tax Credit on their federal tax return. This credit encourages employers to hire workers certified as members of any of ten groups facing barriers to employment. When hiring, employers may want to take a moment to…

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E-file Form 8300: Reporting of large cash transactions

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Who must file Federal law requires a person to report cash transactions of more than $10,000 by filing Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. Although many cash transactions are legitimate, the information on the form can help law enforcement combat money laundering, tax evasion, drug dealing, terrorist…

Married Couples in Business

Married Couples in Business

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One of the advantages of operating your own business is hiring family members. However, the employment tax requirements for family employees may vary from those that apply to other employees. Below, we point out some issues to consider when operating a business as a married couple. How spouses earn Social Security benefits A spouse is…

Educator Expense Deduction helps teachers cut classroom costs

Educator Expense Deduction helps teachers cut classroom costs

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Teachers often buy classroom supplies with their own money. The Educator Expense Deduction helps them get some of that money back. Eligible teachers and administrators can deduct part of the cost of technology, supplies and training from their taxes. They can claim this deduction only for expenses that weren’t reimbursed by their employer, a grant…

Information for organizations applying for tax-exempt status

Information for organizations applying for tax-exempt status

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Organizations applying for tax-exempt status must be organized and operated exclusively for any of these purposes: charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports competition, or preventing cruelty to children or animals. Organizations that want to apply for recognition of tax-exempt status under IRC 501(c)(3) will complete and…

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Tax considerations for people who are separating or divorcing

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When couples separate or divorce, the change in their relationship status affects their tax situation. The IRS considers a couple married for tax filing purposes until they get a final decree of divorce or separate maintenance. Update tax withholding When a taxpayer divorces or separates, they usually need to update their proper tax withholding by…

Summertime activities that might affect people’s tax return next year

Summertime activities that might affect people’s tax return next year

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For many people, summertime means change. Whether it’s a life change like a marriage or a typical summer event – like sending the kids to camp – things people do in summer could affect their income taxes. Here are a few summertime activities and tips on how taxpayers should consider them during filing season. Getting…