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Tax Preparation Resources

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As a new tutor with WyzAnt I have noticed that there a number of potential students requesting assistance in setting up QuickBooks, and this is often in addition to receiving help in learning how to use the software. Although Intuit markets QuickBooks as a bookkeeping application that even amateurs can use, there are many features that cannot be used effectively without some knowledge of bookkeeping... read more

Blogs

Welcome, 2016!   As the New Year rolls around, it's always a sure bet that there will be changes to current tax law and 2016 is no different. From health savings accounts to retirement contributions and standard deductions, here's a checklist of tax changes to help you plan the year ahead. Individuals For 2016, more than 50 tax provisions are affected by inflation adjustments,... read more

Blogs

The Patient Protection and Affordable Care Act of 2010, in concert with the enactment of the Health Care and Education Tax Credits Reconciliation Act of 2010, resulted in a number of changes to the US tax code. As such there are a number of tax implications for individuals and businesses. Individuals Healthcare Exchanges   Healthcare Exchanges, which are also referred... read more

Blogs

The American Recovery and Reinvestment Act (ARRA) of 2009 was signed into law by President Obama on February 17, 2009. The bill is intended to provide a stimulus to the U.S. economy in the wake of the economic downturn. The bill includes federal tax cuts, expansion of unemployment benefits and other social provisions such as domestic spending in education, health-care, and infrastructure-including... read more

Blogs

The IRS offers free tax help to members of the military and their families. The Volunteer Income Tax Assistance program has help sites both on and off base. This includes VITA sites to help our military overseas. Here are five tips to know about free tax help for the military: 1. Armed Forces Tax Council. The Armed Forces Tax Council oversees the military tax programs offered worldwide... read more

Blogs

The Internal Revenue Service today reminded taxpayers who are unable to complete their tax returns on time that it’s easy to get more time to file their return. In fact, it can even be done online. For taxpayers who haven’t yet filed their taxes, the IRS has this advice: don’t panic. Taxpayers who need more time to complete their tax return can request an automatic six-month extension.    The... read more

Blogs

The Internal Revenue Service today reminded taxpayers who are unable to complete their tax returns on time that it’s easy to get more time to file their return. In fact, it can even be done online. For taxpayers who haven’t yet filed their taxes, the IRS has this advice: don’t panic. Taxpayers who need more time to complete their tax return can request an automatic six-month extension.    The... read more

Blogs

If you adopted or tried to adopt a child in 2014, you may qualify for a tax credit. If your employer helped pay for the costs of an adoption, you may be able to exclude some of your income from tax. Here are some things you should know about adoption tax benefits. Credit or Exclusion. The credit is nonrefundable. This means that the credit may reduce your tax to zero. If the credit is... read more

Blogs

Many people who carry on a trade or business are self-employed. Sole proprietors and independent contractors are two examples of self-employment. If this applies to you, there are a few basic things you should know about how your income affects your federal tax return. Here are six important tips about income from self-employment: SE Income. Self-employment can include income you received... read more

Blogs

The Internal Revenue Service is reminding individuals with home-based businesses filling out their 2014 federal income tax returns that they can choose a simplified method for claiming the deduction for business use of a home. In tax year 2012, the most recent year for which figures are available, nearly 3.4 million taxpayers claimed deductions of more than $10 billion for business use... read more

Blogs

The Internal Revenue Service recently reminded taxpayers planning to claim charitable donations to make sure they have the records they need before filing their 2014 tax returns. For any taxpayer, keeping good records is key to qualifying for the full charitable contribution deduction allowed by law. In particular, this includes insuring that they have received required statements for two contribution... read more

Blogs

You can reduce your taxes and save on your energy bills with certain home improvements. Here are some key facts that you should know about home energy tax credits: Non-Business Energy Property Credit Part of this credit is worth 10 percent of the cost of certain qualified energy-saving items you added to your main home last year. This may include items such as insulation,... read more

Blogs

Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck are: 57.5 cents per mile for business miles driven, up from 56 cents in 2014 23 cents per mile driven for medical or moving purposes, down half a cent from 2014 14 cents per mile driven in service of charitable organizations These optional standard mileage rates are... read more

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If you are a low-to-moderate income worker, you can take steps now to save two ways for the same amount. With the saver's credit you can save for your retirement and save on your taxes with a special tax credit. Here are five tips you should know about this credit: 1. Save for retirement. The formal name of the saver's credit is the retirement savings contributions credit. You may be... read more

Blogs

Federal income tax refunds totaling $1 billion may be waiting for an estimated one million taxpayers who did not file a federal income tax return for 2011, the Internal Revenue Service announced today. To collect the money, these taxpayers must file a 2011 tax return with the IRS no later than Wednesday, April 15, 2015. "Time is running out for people who didn’t file a 2011 federal... read more

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Did you pay for college in 2014? If you did it can mean tax savings on your federal tax return. There are two education credits that can help you with the cost of higher education. The credits may reduce the amount of tax you owe on your tax return. Here are some important facts you should know about education tax credits. American Opportunity Tax Credit: You may be able to claim... read more

Blogs

Welcome 2015! As the new year rolls around, it's always a sure bet that there will be changes to current tax law and 2015 is no different. From health savings accounts to retirement contributions and standard deductions, here's a checklist of tax changes to help you plan the year ahead. Individuals For 2015, more than 40 tax provisions are affected by inflation adjustments, including... read more

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