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Tax Tips & Updates

Do You Qualify for an Education Tax Credit?

 

Are you pursuing higher education, job training, or graduate studies? If so, you might be eligible for valuable tax credits to help offset the costs.

The IRS offers two main education tax credits: The American Opportunity Tax Credit and the Lifetime Learning Credit. These credits can also apply to your spouse or dependents' educational expenses.

But how do you know if you qualify for these tax credits?

Meeting Your Tax Obligations: Ways to Pay the IRS

 

Meeting tax obligations is a critical part of financial responsibility, and the IRS offers various avenues for individuals to handle their tax debt, including payment plans and alternative strategies. It's important to note that while payment plans are available, they can lead to additional costs over time due to accruing interest and penalties, making them a less-than-ideal choice for some taxpayers. Let’s explore how you can navigate this situation:

Tax Season’s End: Pending Legislation and Court Decisions

 

As we near the end of another tax season, accountants and taxpayers alike are facing a landscape filled with uncertainties. While April 15th, the traditional tax filing deadline, is just around the corner, there are significant matters that remain in limbo due to pending legislation and court decisions. These are topics we have previously delved into in our blogs, and here's an update on where they stand today.

Protect Yourself: How to Avoid Tax Scams This Season

 

Tax season is not just a time for filing returns; it's also peak season for savvy criminals looking to exploit unsuspecting taxpayers. Scammers often impersonate the IRS through various channels, including over the phone, via email, or physical mail; all with the aim of stealing money and sensitive personal information. To safeguard yourself against these threats, it's crucial for all taxpayers to remain vigilant and well-informed. Here's a guide on how to protect yourself from tax scams.

Understanding Tax Audits: What to Expect

 

Receiving a notice from the IRS about a tax audit can be anxiety-inducing, but it's crucial to stay calm and approach the process with preparation and understanding. Contrary to popular belief, an audit does not necessarily indicate suspicion of criminal activity. It's often a routine examination to ensure the accuracy of financial data on tax returns. 

Here's a rundown on how to prepare for and navigate through a tax audit, from understanding the types of audits, your rights during the process, to the conclusion of the audit.

How Long Should You Keep Tax Returns and Records?

 

 How long should I retain my past tax returns and records?

The answer is not entirely black and white; it varies based on the type of document and your specific transactions.

Navigating Tax Season: A Guide to Preparation

 

As of January 29th, it is officially the 2024 Tax Season! At DJL we understand that navigating tax season can be a bit overwhelming, but that’s what we are here for!

In this 5-step guide, we’ll walk you through the essential steps to prepare for this tax season while paving the way for your successful financial future. 

 

Governor DeWine and BWC Advocate for 7% Premium Cut for Private Employers

 

Private employers in Ohio could see a substantial reduction of nearly $67 million in premiums for the upcoming fiscal year, thanks to a proposed 7% rate decrease presented to the Ohio Bureau of Workers' Compensation Board of Directors on Friday. 

Contact

DJL Accounting & Consulting Group, Inc.
1570 South Canfield-Niles Road #C102
Youngstown, Ohio 44515 

Phone:  330 779 0781

               

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