11 tax deductions you won’t want to forget about this year
You may have seen or heard people you know talking about how the new tax law made their refunds smaller than expected last year, or even increased the amount they owed to the IRS. Several common deductions were eliminated by the Tax …
Expecting a Tax Refund in 2020? Here’s How Soon You Can File Your Tax Return
Tens of millions of Americans will get tax refunds when they file their 2019 tax returns, and given that the average one was over $2,800 last year, it’s understandable why people might want to get their money as quickly as possible. Unfortunately, …
IRS Issues 2020 Standard Mileage Rates for Business, Moving, Medical and Charity Deductions
The Internal Revenue Service has issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2020, the standard mileage rates for the use of …
IRS to Open Tax Season Jan. 27, 2020
The Internal Revenue Service confirmed that the nation’s tax season will start for individual tax return filers on Monday, Jan. 27, 2020, when the tax agency will begin accepting and processing 2019 tax year returns. The deadline to file 2019 tax returns …
If you’re a business owner, grab this 20% tax break before the year ends
KEY POINTS The 20% qualified business income deduction went into effect in 2018. Businesses with pass-through entities — including S-corporations and LLCs — may qualify. If you’re an entrepreneur with 2019 taxable income below $160,700 if single or $321,400 if married and …
Congress Introduces Bill To Improve Experiences For Taxpayers And Modernize The IRS
U.S. Senate Finance Committee Chair Chuck Grassley (R-IA) and Senator Ron Wyden (D-OR) have introduced legislation aimed at improving experiences for taxpayers. The bill, referred to as the Taxpayer First Act of 2019, is intended to modernize the Internal Revenue Service (IRS) and …
IRS giving millions a pass on penalties for 2018 underpayment
The IRS once again is making it easier on taxpayers facing unexpected penalties following implementation of the Tax Cuts and Jobs Act. Individuals who failed to pay a certain percentage of their federal tax bill throughout the year are subject to an …
How to get a bigger tax refund
How to get a bigger tax refund If you want a bigger tax refund you should first verify your tax withholding with your employer. You must ensure that the proper tax is being withheld so that you are not liable to pay …
Benefits of a Tax Preparer Network
Are you an independent tax preparer looking to grow your book of business? Are you interested in leveraging your existing client relationships to cross-sell additional services? Could you benefit from access to professional tax preparation software, and an in-house team of tax …
These red flags on your 2018 tax return could spark interest from the IRS
Even though the IRS may be just getting back on its feet after the partial government shutdown — with another one potentially in mid-February — don’t assume you can pull a fast one on your tax return this year. Because much of …
