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 | Jun 1, 2024 |
When election season arrives, it may appear like news and commercials regarding political campaigns, candidates, and elections are ubiquitous. If you intend to give money, time, or effort to a political campaign, you may be wondering, “Are political...
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...
by PSA CPA | May 1, 2024 |
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...
by PSA CPA | May 1, 2024 |
Penalties for late filings and payments The IRS applies late filing penalties when taxpayers fail to submit or pay their tax returns on time. The failure-to-file penalty is typically 5% of the unpaid tax, with a maximum of 25% every month or portion of a month that...
It’s interesting to see how Social Security benefits are taxed differently depending on income and location. I didn’t realize only…