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Month: January 2022

Common Tax Return Mistakes That Can Cost Taxpayers

Common Tax Return Mistakes That Can Cost Taxpayers <h1><strong><a href=”https://tax-turbo.com/”>Common Tax Return Mistakes That Can Cost Taxpayers</a></strong></h1>  Tax laws are complicated but the most common tax return errors are surprising simple. Many mistakes can be avoided by filing electronically. Tax software does the math, flags common errors and prompts taxpayers for missing information. It can …

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How Small Business Owners Can Deduct Their Home Office From Their Taxes

How Small Business Owners Can Deduct Their Home Office From Their Taxes <h1><strong>How Small Business Owners Can Deduct Their Home Office From Their Taxes</strong></h1>    The home office deduction allows qualified taxpayers to deduct certain home expenses when they file taxes. To claim the home office deduction on their 2021 tax return, taxpayers generally must exclusively and regularly use …

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Understanding The Adoption Tax Credit

Understanding The Adoption Tax Credit <h1><strong>Understanding The Adoption Tax Credit</strong></h1>  Taxpayers who adopted or started the adoption process in 2021 may qualify for the adoption credit. This credit can be applied to international, domestic private, and public foster care adoption. Taxpayers who adopt their spouse’s child can’t claim this credit. Here is some basic information …

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Here Are Reasons People Who Don’t Normally File Should File A 2021 Tax Return

Here Are Reasons People Who Don’t Normally File Should File A 2021 Tax Return <h1>Here Are Reasons People Who Don’t Normally File Should File A 2021 Tax Return</h1>  With tax filing season is just around the corner, this is a good time for those who don’t normally file to consider the benefits of filing a …

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Taxpayers Must Report Gig Economy Earnings When Filing Taxes

Taxpayers Must Report Gig Economy Earnings When Filing Taxes <h1>Taxpayers Must Report Gig Economy Earnings When Filing Taxes</h1>  Whether it’s a full-time job or just a side hustle, taxpayers must report gig economy earnings on their tax return. Understanding how gig work can affect taxes may sound complicated but, it doesn’t have to be. The …

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It’s Important For Taxpayers To Know The Difference Between Standard And Itemized Deductions

It’s Important For Taxpayers To Know The Difference Between Standard And Itemized Deductions <h1>It’s Important For Taxpayers To Know The Difference Between Standard And Itemized Deductions</h1>  Taxpayers have two options when completing a tax return, take the standard deduction or itemize their deductions. Most taxpayers use the option that gives them the lowest overall tax. …

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Mark The Calendar: Important Backup Withholding Deadlines

Mark The Calendar: Important Backup Withholding Deadlines <h2><strong>Mark The Calendar: Important Backup Withholding Deadlines</strong></h2>Some businesses and other payers take backup withholding from payments they made to certain people. These entities should remember their upcoming filing deadlines. What is backup withholding? The person or business paying the taxpayer doesn’t generally withhold taxes from certain payments. They …

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Tax Filing Step 1: Gather All Year-End Income Documents

Tax Filing Step 1: Gather All Year-End Income Documents <h1><strong>Tax Filing Step 1: Gather All Year-End Income Documents</strong></h1>  As taxpayers are getting ready to file their taxes, the first thing they should do is gather their records. To avoid processing delays that may slow their refund, taxpayers should gather all year-end income documents before filing …

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Taxpayers Can Visit IRS.gov Anytime For Answers To Tax Questions

Taxpayers Can Visit IRS.gov Anytime For Answers To Tax Questions <h1><strong>Taxpayers Can Visit IRS.gov Anytime For Answers To Tax Questions</strong></h1>  As people get ready to file their 2021 tax return, the IRS reminds taxpayers they can find answers to their tax questions from the comfort of home using IRS online tools and resources. These IRS.gov tools are easy …

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IRS Sending Information Letters To Recipients Of Advance Child Tax Credit Payments And Third Economic Impact Payments

IRS Sending Information Letters To Recipients Of Advance Child Tax Credit Payments And Third Economic Impact Payments <h1><strong>IRS Sending Information Letters To Recipients Of Advance Child Tax Credit Payments And Third Economic Impact Payments</strong></h1>  The IRS started issuing information letters to advance child tax credit recipients in December. Recipients of the third round of the …

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