2020 Tax Returns

The IRS recently sent out a final reminder for those who still need to claim their portion of the $1 billion in tax refunds from 2020. Time to file for a refund expires May 17, 2024. There are approximately 1...

Extensions

There are some taxpayers who missed the tax deadline and don’t know what to do. Most importantly, taxpayers should never do nothing. In the event that a taxpayer is not prepared to file, he or she should file for an extension as soon as possible. This ensures a...

Standard Deduction or Itemized Deductions?

To simplify this question, first, you need to know what is the standard deduction for your situation? The 2022 Standard Deduction for Single or Married filing separately is $12,950, for Married filing jointly orQualifying surviving spouse is $25,900, and Head of...

When Can I File My Taxes?

Filing taxes usually occurs around the end of January until mid-April. The first day to file your taxes changes every year and the IRS will notify taxpayers around mid-January when the first date taxes can be filed. This date varies and will depend on whether the IRS...

PIN Number To File Taxes

Did you know you in lieu of your signature you can get a PIN number to file your taxes? By doing this, you don’t have to worry about a thief filing a tax return using your name and social security number. This program is called the IRS Identity Protection PIN, or IP...

What Comes First: Accounting or Bookkeeping?

Bookkeeping is a foundation for accounting. Bookkeeping is the recording of income and expenses for a business. Accounting takes a subjective look at that data to see what it means for your business. Accounting creates financial reports and statements with the...

Last Of The 1040 Explanation

The finish line is finally here…. Line 29 is for the American Opportunity Credit. This is an education credit that can be taken for students in college. It helps reduce the amount of taxes owed or may even increase your refund. You will need to fill out Form 8863,...

Don’t Forget About Schedule 3

Line 20 refers to Schedule 3 which is to be filled out if you have additional credits that aren’t listed directly on the 1040, such as adoption credits and residential energy credits. Part I lists nonrefundable credits, credits that reduce the amount of taxes owed,...

The Famous Child Tax Credit…

If you have children or dependents, then you will want to fill out Schedule 8812. This is 3 pages of math equations that seem to wind in so many paths just to give you an amount to enter on your 1040. I can’t even imagine how they came up with this. Someone at the IRS...