A tip for teachers: Some educator expenses may be tax deductible
The educator expense deduction allows eligible teachers and administrators to deduct part of the cost of technology, supplies and training from their taxes. They can only claim this deduction for expenses that were not reimbursed by their employer, a grant or other source. Who is an eligible educator: The taxpayer must be a kindergarten through …
A tip for teachers: Some educator expenses may be tax deductible Read More »
IRS NEWS ROOM JULY 14, 2021
Effective July 15, 2021, parents with dependent children age 17 years or younger will be eligible to receive an Advance Child Tax Credit. The monthly credit amounts will range from $250 to $300 per child, payable in 2021. Click the link to learn more. Additional information on this topic is available on the IRS.GOV website.
What’s My Filing Status
IRS Tax Tip 2020-130, October 1, 2020 Taxpayers need to know their correct filing status and be familiar with each option. Generally, the taxpayer’s filing status depends on whether they are single or married on Dec. 31 and that determines their status for the whole year. However, more than one filing status may apply in certain situations. …
Advance Child Tax Credit Payments in 2021
IRS NEWS ROOMAdvance Child Tax Credit Payments in 2021 Important changes to the Child Tax Credit will help many families get advance payments of the credit starting this summer. The IRS will pay half the total credit amount in advance monthly payments beginning July 15. You will claim the other half when you file your …
QLB ACCOUNTING TAX TOPIC
QLB Accounting Service continues to spotlight current tax laws to ensure that individuals and businesses comply with the IRS and applicable state regulations. The current topic is What My Filing Status. Click the link to learn more about the five filing statuses and how to determine which to file. Additional information regarding this topic is available on …
SIMPLE WAYS TO REDUCE YOUR TAX LIABILITY
Are you dreading tax time? Do you think that you are going to owe taxes and just don’t want to deal with it? Fortunately, there are ways to lower tax liability when you work with an accountant in the South Shore area. With these simple tricks, you can lower your taxable income which naturally lowers …