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…
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%…
The IRS urges businesses to review their eligibility for the Employee Retention Credit because there’s limited time for them to voluntarily resolve incorrect claims and avoid future issues, such as penalties and interest. Some honest businesses were misled into filing claims for the Employee Retention Credit by promoters who often misrepresented or oversimplified eligibility rules….
Taxpayers with dependents who don’t qualify for the Child Tax Credit may be able to claim the Credit for Other Dependents. They can claim this credit in addition to the Child and Dependent Care Credit and the Earned Income Credit. Here’s more information to help taxpayers determine whether they’re eligible to claim the Credit for Other Dependents on…
One of the first decisions taxpayers must make when completing a tax return is whether to take the standard deduction or itemize their deductions. There are several factors that can influence a taxpayer’s choice, including changes to their tax situation, any changes to the standard deduction amount and recent tax law changes. Generally, most taxpayers…
When employers hire people with disabilities or make their business accessible to employees and customers with disabilities, they may be eligible for certain tax benefits. These tax benefits encourage employers to hire qualified people with disabilities and off-set some of the costs of providing accommodations. Disabled Access Credit The Disabled Access Credit is a non-refundable…
As the end of the year approaches, it’s time for small business owners to put tax planning on their radar. You have until December 31 to make some strategic moves that can help you take advantage of more tax breaks, maximize your tax deductions, and minimize the amount you’ll owe in taxes when filing time…
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…
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…
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…
