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Our carefully crafted blogs offer valuable insights and guidance on taxes, accounting, finance, and beyond. Stay informed with expert advice designed to help you navigate the financial world with confidence.
Marriage changes many things and taxes is one of them. Newlyweds should know how tying the knot can affect their tax situation.
This new IRS effort is called the Taxpayer Relief Initiative, and it aims to help those financially affected by COVID-19.
Taxpayers who owe taxes always had options to get help through payment plans and other tools from the IRS, and now they are expanding those tools. The revised COVID-related collection procedures will be helpful to taxpayers, especially those who have a record of filing their returns and paying their taxes on time. Here are the highlights of the Taxpayer Relief Initiative:
With Christmas only about a week away, we're all busy preparing for the holiday. However, if you haven't already taken care of these items, you should take the time to complete these tasks before the end of the year to get ready for 2020 taxes.
Charitable Contributions
Are you paying for higher-education for yourself or a dependent? Don't overlook the tax credits offered by the IRS.
There are two credits available to help taxpayers offset the costs of higher education: The American Opportunity Tex Credit and the Lifetime Learning Credit.
Employers who provide paid family and medical leave to their employees might qualify for a credit that can reduce the taxes they owe. Here are some facts about the credit to help employers determine if they are able to claim it.
To be eligible, an employer must:
Have a written policy that meets several requirements. Provide: