Standard accounting and tax accounting methods require different methods. If you are expecting to receive a payment, you may be required to pay taxes on it in the current period, but not exactly when the money is received. This sort of temporal disparity leads to a...
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...
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...
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...
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...
Let’s be honest – tax preparation isn’t at the top of anyone’s summer to-do list. But consider this! When planning fun summer activities or making life changes, it may be helpful to keep in mind how they may affect your tax return the following...
I struggle with keeping receipts organized—any tips?