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Educators may be able to deduct unreimbursed expenses on their tax return. This deduction can put money right back in the pockets of eligible teachers and other educators. Here are some things to know about this deduction: Educators can...
Many people enjoy hobbies that are also a source of income. From painting and pottery to scrapbooking and soap making, these activities can be sources of both fun and finances. Taxpayers who make money from a hobby must report...
When filling out financial aid applications, students and families may need to get tax information to complete the Free Application for Federal Student Aid form. The IRS Data Retrieval Tool is available to use with the 2019‒2020 FAFSA Form....
Members of the military and their families often qualify for special tax benefits. For example, members of the armed forces don’t have to pay taxes on some types of income. In addition, special rules could lower the tax they...
While the federal income tax-filing deadline has passed for most people, some taxpayers did not file an extension and still have not filed their tax returns. These taxpayers should file ASAP. They should do so even if they can’t...
Certain taxpayers might get a letter from the IRS this year. It’s called an IRS Notice CP 2000. It gives detailed information about issues the IRS identified. The IRS sends this notice when information from a third party doesn’t...
Everyone should check their withholding by doing a Paycheck Checkup ASAP, even if they did one in 2018. The federal income tax is a pay-as-you-go tax. This means that taxpayers pay the tax as they earn or receive income...
IRS offers taxpayers convenient, secure ways to pay their taxes throughout the year. Taxpayers can pay: Online By phone With their mobile device using the IRS2Go app Additionally, some taxpayers must make quarterly estimated tax payments throughout the year....
Small business owners should keep good records. This applies to all businesses, whether they have a couple dozen employees or just a few. Whether they install software or make soft-serve. Whether they cut hair or cut lawns. Keeping good...
WASHINGTON — Millions of taxpayers filed a 2018 tax return in the last few weeks, making now a prime time for everyone to consider whether their tax situation came out as they expected. If it didn’t, they can...
Taxpayers may need to take money out of their individual retirement account or retirement plan early. However, this can trigger an additional tax on top of other income tax they may owe. Here are a few key things for...
Tax law changes in the Tax Cuts and Jobs Act affect almost everyone who itemized deductions on tax returns they filed in previous years.. One of these changes is that TCJA nearly doubled the standard deduction for most taxpayers....
Major tax law changes affect every taxpayer filing a 2018 tax return this year. To help taxpayers understand these changes, the IRS created several resources that are available on IRS.gov. Here’s a quick overview of key changes with a...
WASHINGTON —The Internal Revenue Service reminded taxpayers today that it’s not too late to contribute to an Individual Retirement Arrangement (IRA) and still claim it on a 2018 tax return. Anyone with a traditional IRA may be eligible for...
As taxpayers are completing their 2018 tax returns this year, they must complete the lines related to health care. For tax year 2018, the IRS will not consider a return complete and accurate if individuals do not do one...
The best way for taxpayers to check the status of their refund is to use the Where’s My Refund? tool on IRS.gov. This tool gives taxpayers access to their tax return and refund status anytime. All they need is...
For businesses that have employees, there are changes to fringe benefits that can affect a business’s bottom line and their employee’s tax liabilities. One of these changes is to qualified moving expenses. Under previous law, payment or reimbursement of...
The IRS reminds holiday shoppers to protect their tax and financial data from identity thieves. All it takes is a few extra steps to prevent cybercriminals from stealing sensitive data, such as financial account information, Social Security numbers, and...
Throughout the year, many taxpayers contribute money or gifts to qualified organizations eligible to receive tax-deductible charitable contributions. Taxpayers who plan to claim a charitable deduction on their tax return must do two things: Have a bank record or...
ASY has one office space available for lease at our office. It is approximately 150 sqft. This includes all utilities and Internet service. You would also have access to our spacious conference room for meetings. Contact David for more...
