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,…
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…
Individual taxpayers who requested an extension of time to file their federal taxes have until Oct. 15, 2024, to complete and file their federal tax return. Those who already have the forms and information they need should file now – there’s no advantage to waiting until the deadline. There are a few things extension filers…
Your tax situation changes when you get married, and your options for filing taxes for the entire year are based on your marital status as of December 31. How Does Marriage Affect Taxes? Taxes can have a wide range of effects on marriage. Although everyone’s circumstances are unique, there are some tax advantages to marriage…
October 17 is fast approaching. That’s the last day to file for most people who requested an extension for their 2021 tax return. These taxpayers can file any time on or before Monday, October 17 if they have all their required tax-related documents. They should also pay part or all their taxes since amounts owed…
By Nick Green for Unbiased 1. Keep records of every payment Use your books to track every payment and make it clear when they were made or received so you can easily find them if you need to refer to them later. 2. Choose an accounting method Your bookkeeping will underpin your accounting, so decide…
The IRS’s second Employee Retention Credit Voluntary Disclosure Program is open and runs through Nov. 22, 2024. This ERC VDP helps businesses repay credits they received after filing ERC claims in error. The program allows businesses to correct improper payments at a 15% discount and avoid potential compliance action in the future such as audits,…
By Mopria Alliance Although we’re almost half way through 2024, the year will only get busier, so now is a great time to take a quick pause to look ahead and create some structure that prepares us for success. So what are some dates every business owner should plan for in 2024? Read on for…
The IRS knows that understanding and meeting tax obligations is vital to the success of all businesses, especially a new one. IRS.gov has the resources and information to help people through the process of starting a new business. Here are some tips for new entrepreneurs. Choose a business structure The form of business determines which…
People with disabilities and their families can use Achieving a Better Life Experience or ABLE accounts to help pay for qualified disability-related expenses. ABLE accounts are tax-advantaged savings accounts that don’t affect eligibility for government assistance programs. Here are some key things people should know about these accounts. Annual contribution limit The 2023 limit is $17,000. Certain…
