Making the dream of owning a home a reality is a big step for many people. Whether a fixer-upper or dream home, homeownership is a milestone that can come with a learning curve. First-time homeowners should make themselves familiar with authorized deductions, programs that can assist with home ownership and the use of housing allowances…
Summer is slipping away and another school year is starting. As kids head back to the classroom, parents are ticking items off the school supply list. If they want to boost their back-to-school budgets, parents and guardians should make sure they aren’t missing out on their 2021 refunds and tax credits. Many people don’t get…
Anyone pursuing higher education, including specialized job training and grad school, knows it can be pricey. Eligible taxpayers who paid higher education costs for themselves, their spouse or dependents in 2021 may be able to take advantage of two education tax credits. The American opportunity tax credit and the lifetime learning credit can help offset education costs by reducing…
Excise tax is an indirect tax on specific goods, services and activities. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services. Businesses that are subject to excise tax generally must file a Form 720, Quarterly Federal…
When I was a second semester freshman at the University of Pittsburgh, I was your typical “broke” college student. I had less than $100 in my bank account and a majority of my undergraduate college education was funded with student loans. I managed my daily expenses through my paid work study position, extra money from…
Some people may choose not to file a tax return because they didn’t earn enough money to be required to file but may miss getting a refund if they don’t file. While the filing deadline is October 17, 2022 to file 2021 tax returns, the IRS strongly encourages individuals to consider filing electronically sooner, rather…
Marriage changes a lot of things and taxes are on that list. Newlyweds should know how saying “I do” can affect their tax situation. Here’s a checklist of items for newly married couples to review: Name and address changes Name. When a name changes through marriage, it is important to report that change to the…
Taxpayers who are paying someone to take care of their children or another member of household while they work, may qualify for child and dependent care credit regardless of their income. For tax year 2021, the maximum eligible expense for this credit is $8,000 for one child and $16,000 for two or more. Depending on their income,…
RSG Accounting Services offers comprehensive accounting and advisory services to keep your business financially healthy and on the right track for growth. RSG Accounting has been helping small businesses and entrepreneurs for the past 20 years with the following services: Accounting and Advisory Tax Preparation Bookkeeping Business Services We serve Small and Mid-Size Businesses with…
The April 15 tax deadline is just around the corner, and before you know it you will be sitting down with a stack of receipts, forms and other financial documents. This process is never easy or pleasant, but it will be much worse if you end up owing money to the IRS. If you want…
