When can I deduct travel expenses on my federal tax return?
Before the Tax Cuts and Job Act of 2017, many more Americans were able to deduct travel expenses on their federal tax return. But after that act went into effect, employees could not deduct travel expenses for work (or any expenses for work on their federal tax return). However, some taxpayers can deduct travel expenses…
Read MoreWhat Tax Breaks End in 2021?
Parts of the tax code are scheduled to end nearly every year. Some of these provisions are extended, and sometimes they are extended retroactively. Find out which tax code provisions ended Dec. 21, 2021, unless Congress passes legislation to extend them and the president signs the legislation into law. There are indications that legislation may…
Read MoreHow do I know if I should file taxes online or get help from a tax preparer?
Our tax code is complicated, but only a small portion of that tax code applies to most of us. In this article, we will help you understand when you can file taxes yourself online and when you need to get help from a professional. Usually, filing online is less expensive than paying a tax preparer…
Read MoreDo I need to file a tax return if my only income is Social Security?
Social Security Income (SSI) is considered taxable income. But there are a few exceptions that could mean more money in your wallet. Certified Financial Coach and Tax Professional Jerry Zeigler shares his expert knowledge and tips in this quick and simple SSI tax guide. 1) How much of my Social Security income is taxable? For…
Read MoreTax tricks to navigate problems with Child Tax Credit, retirement withdrawals, and Rental Property Sales
New or unexpected life events tend to cause the most problems for people filing their taxes every year. Explore three tax-filing problem areas and how to overcome them in the 2022 tax season. In many cases, the problem can be avoided or mitigated by advance planning. Since April 15 is the filing deadline, this may…
Read MoreWhat should I do if my Advance Child Tax Credit Payments were Wrong?
The last day to opt out or make adjustments to your Child Tax Credit advance payments was Nov. 29, 2021, so now you’ll have to sort out any errors in your 2021 tax return. If you would like a refresher on the advance Child Tax Credit payments you can find that here. How do I…
Read MoreWhat documents do I need for the 2022 tax season?
Whether or not we have a tax professional, most of us would like to make sure we have everything we need once we get started. This list will cover the basics and highlight some newer items to consider for the 2022 tax season. Receipts or proofs of payment needed to support deductions or credits Start…
Read MoreTax Tips for Gig Workers and Self-Employed Taxpayers
Gig work or self employment can be rewarding both financially and from a sense of freedom. But if you want to maximize the financial benefit and handle the taxes correctly, it takes some effort in planning and research and in maintaining records. Whether you are new to the gig economy or have been doing it…
Read MoreEverything you need to know about the Recovery Rebate Credit
The Recovery Rebate Credit is back for our 2022 tax season. In this article, find out what it is, how it works, and how to get it. Recovery Rebate Credit Background Many of us are familiar with the 2020 recovery rebate credit because we were asked questions about the first and second COVID stimulus payments…
Read MoreWhat to do when you didn’t receive your tax refund
Let’s look at what to do if you think your tax refund is delayed. Causes for tax refund delays If you submitted a tax return electronically and have requested to receive your tax refund via direct deposit, the IRS states you will normally receive a refund within 21 days. There are exceptions. If you are…
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