by PSA CPA | Jul 1, 2024 |
As a self-employed business consultant, you probably assume a variety of positions and titles. Your clients count on your industry knowledge to boost output and boost sales and profitability for their businesses. However, for tax deduction and reporting purposes, you...
by PSA CPA | Jun 1, 2024 |
Let’s say you submitted your tax return by the deadline, but in June you discovered you neglected to include revenue from a freelancing job last summer. No need to worry; all you have to do is file an updated return on Form 1040-X. Here’s what you need to know...
by PSA CPA | Jun 1, 2024 |
Claiming dependents and itemizing deductions is an efficient approach to reducing your income taxes. Each dependent you claim reduces your taxable income by one exemption for tax years earlier than 2018 and enables you to claim a tax credit for tax years beginning in...
by PSA CPA | Jun 1, 2024 |
The main tax relief for teachers is the Educator Expense Deduction. To qualify for the Educator Expense Deduction in any given year, you must fulfill three criteria: You worked as an educator, instructor, advisor, principal, or aid for children from kindergarten to...
by PSA CPA | Jun 1, 2024 |
Raising a child can of course be expensive, including the cost of child care, basic living expenses, and college tuition, and these prices are frequently rising. However, parents may benefit from tax credits for schooling, child care, or for simply having kids. The...
by PSA CPA | May 1, 2024 |
Let’s all breathe a collective sigh of relief now that this year’s tax return has been filed. But now that this year’s filing is done, what might you have done differently? One typical error that people make is not thinking about their taxes until it...
It’s interesting to see how Social Security benefits are taxed differently depending on income and location. I didn’t realize only…