Search Results for: TAX CREDIT

Quarterly Tax Tips for Small Businesses

Quarterly Tax Tips for Small Businesses

Tip 1: Know What “Estimated Quarterly Taxes” Actually Means According to the Internal Revenue Service (IRS), estimated quarterly tax payments are regular (typically 4x/year) payments made by individuals and businesses to the IRS to prepay income, self-employment, and other taxes throughout the year. Just like the annual April filing, quarterly payments are based on your earnings….

Energy efficient home improvements could help people reduce energy bills and taxes

Energy efficient home improvements could help people reduce energy bills and taxes

Homeowners who make improvements like replacing old doors and windows, installing solar panels or upgrading a hot water heater may qualify for home energy tax credits. Who can claim the credits Taxpayers making improvements to their principal or, in some cases, secondary residence may be eligible for these credits. In some cases, renters may also…

An Offer in Compromise can help certain taxpayers resolve tax debt

An Offer in Compromise can help certain taxpayers resolve tax debt

When a taxpayer can’t pay their full tax liability or if paying would cause financial hardship, they may want to consider applying for an Offer in Compromise. This agreement between a taxpayer and the IRS settles a tax debt for less than the full amount owed. The goal is a compromise that’s in the best…

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What taxpayers need to know about digital asset reporting and tax requirements

Taxpayers filing 2023 tax returns must check a box indicating whether they received digital assets as a reward, award or payment for property or services or disposed of any digital asset that was held as a capital asset through a sale, exchange or transfer. A digital asset is a digital representation of value that is…

What is the Lifetime Learning Credit?

What is the Lifetime Learning Credit?

The lifetime learning credit (LLC) is for qualified tuition and related expenses paid for eligible students enrolled in an eligible educational institution. This credit can help pay for undergraduate, graduate and professional degree courses — including courses to acquire or improve job skills. There is no limit on the number of years you can claim the…

Options for taxpayers with a tax bill they can’t pay

Options for taxpayers with a tax bill they can’t pay

Taxpayers who can’t pay their tax bill by the April 15, 2024, deadline shouldn’t panic. The IRS offers several options to help them meet their obligations. It’s important for taxpayers to file their tax return or request an extension of time to file at IRS.gov/extension by the April 15, 2024, deadline – even if they…

Employer-provided childcare credit

Employer-provided childcare credit

If you provide childcare services to your employees, you may be eligible for this general business credit. It covers qualified expenditures for a childcare facility and for childcare resource and referral. The Employer-Provided Childcare Credit offers employers a tax credit up to $150,000 per year to offset 25% of qualified childcare facility expenditures and 10%…