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𝐃𝐄𝐃𝐔𝐂𝐓𝐈𝐎𝐍𝐒 𝐟𝐨𝐫 𝐄𝐃𝐔𝐂𝐀𝐓𝐎𝐑𝐒 (𝟖/𝟑/𝟐𝟎𝟐𝟐)

School is starting soon and educators may incur certain school related deductible expenses. 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 weren’t reimbursed by their employer, a grant or other source. […]

𝐈𝐑𝐒 𝐂𝐎𝐌𝐌𝐔𝐍𝐈𝐂𝐀𝐓𝐈𝐎𝐍𝐒 𝐰𝐢𝐭𝐡 𝐓𝐀𝐗𝐏𝐀𝐘𝐄𝐑𝐒 (𝟕/𝟐𝟔/𝟐𝟎𝟐𝟐)

Generally, the IRS sends a letter or written notice to a taxpayer in advance of any visit, but not always. Depending on the situation, IRS employees may first call or visit with a taxpayer. The IRS does not send text messages including shortened links, asking the taxpayer to verify some bit of personal information. These […]

𝐓𝐀𝐗 𝐅𝐈𝐋𝐈𝐍𝐆 𝐒𝐈𝐌𝐏𝐋𝐈𝐅𝐈𝐂𝐀𝐓𝐈𝐎𝐍 𝐋𝐀𝐖 𝐈𝐍𝐓𝐑𝐎𝐃𝐔𝐂𝐄𝐃 (𝟕/𝟐𝟎/𝟐𝟎𝟐𝟐)

The Tax Filing Simplification Act of 2022 has been introduced in the Senate and the House of Representatives. This legislation would simplify the tax filing process for millions of Americans, saving hours of work and hundreds of dollars in fees. Along with lowering costs and eliminating red tape for all taxpayers, simplified filing tools would […]

𝐁𝐔𝐒𝐈𝐍𝐄𝐒𝐒 𝐓𝐑𝐀𝐕𝐄𝐋 𝐃𝐄𝐃𝐔𝐂𝐓𝐈𝐎𝐍𝐒 (𝟕/𝟏𝟑/𝟐𝟎𝟐𝟐)

Business travel deductions are available when employees must travel away from their tax home or main place of work for business reasons. The travel period must be substantially longer than an ordinary day’s work and a need for sleep or rest to meet the demands the work while away. Travel expenses must be ordinary and […]

𝐄𝐋𝐄𝐂𝐓𝐑𝐎𝐍𝐈𝐂 𝐅𝐈𝐋𝐈𝐍𝐆 𝐎𝐏𝐓𝐈𝐎𝐍𝐒 𝐟𝐨𝐫 𝐀𝐌𝐄𝐍𝐃𝐄𝐃 𝐑𝐄𝐓𝐔𝐑𝐍𝐒 (𝟔/𝟐𝟕/𝟐𝟎𝟐𝟐)

More forms can now be amended electronically. This includes people filing corrections to the Form 1040-NR, U.S. Nonresident Alien Income Tax Return and Forms 1040-SS, U.S. Self-Employment Tax Return (Including the Additional Child Tax Credit for Bona Fide Residents of Puerto Rico) and Forms 1040-PR, Self-Employment Tax Return – Puerto Rico. Additionally, a new, electronic […]

𝐍𝐉 𝐏𝐑𝐎𝐏𝐄𝐑𝐓𝐘 𝐓𝐀𝐗 𝐑𝐄𝐋𝐈𝐄𝐅 𝐂𝐎𝐌𝐈𝐍𝐆 (𝟔/𝟐𝟑/𝟐𝟎𝟐𝟐)

The New Jersey ANCHOR (Affordable New Jersey Communities for Homeowners and Renters) Property Tax Relief Program is being enhanced. The program will increase from nearly $900 million proposed in March to over $2 billion and will reduce property taxes for over 1.16 million homeowners and 900,000 renters beginning in Fiscal Year 2023. Under the expanded […]

𝐒𝐓𝐀𝐍𝐃𝐀𝐑𝐃 𝐌𝐈𝐋𝐄𝐀𝐆𝐄 𝐑𝐀𝐓𝐄 𝐈𝐍𝐂𝐑𝐄𝐀𝐒𝐄𝐃 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐑𝐄𝐒𝐓 𝐨𝐟 𝟐𝟎𝟐𝟐 (𝟔/𝟏𝟔/𝟐𝟎𝟐𝟐)

The IRS has increased the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final 6 months of 2022, the standard mileage rate for business travel will be […]

𝐁𝐄𝐖𝐀𝐑𝐄 𝐨𝐟 𝐏𝐑𝐎𝐌𝐈𝐒𝐄𝐒 𝐭𝐨 𝐒𝐄𝐓𝐓𝐋𝐄 𝐓𝐀𝐗𝐄𝐒 𝐟𝐨𝐫 𝐏𝐄𝐍𝐍𝐈𝐄𝐒 𝐨𝐧 𝐭𝐡𝐞 𝐃𝐎𝐋𝐋𝐀𝐑 (𝟔/𝟏𝟒/𝟐𝟎𝟐𝟐)

The IRS cautions taxpayers with pending tax bills not go to unscrupulous tax companies that use local advertising and falsely claiming they can resolve unpaid taxes for pennies on the dollar. Such companies are known as Offer in Compromise (OIC) “mills.” They make outlandish claims usually in local advertising regarding how they can settle a […]

𝐅𝐎𝐑𝐄𝐈𝐆𝐍 𝐁𝐀𝐍𝐊 & 𝐅𝐈𝐍𝐀𝐍𝐂𝐈𝐀𝐋 𝐀𝐂𝐂𝐎𝐔𝐍𝐓 𝐑𝐄𝐏𝐎𝐑𝐓𝐒 𝐃𝐔𝐄 𝟔/𝟏𝟓 (𝟔/𝟗/𝟐𝟎𝟐𝟐)

Special reporting requirements apply to most people who have foreign bank or financial accounts. Often referred to as the FBAR requirement, it is separate from and in addition to any reporting required on either Schedule B or Form 8938. The FBAR requirement applies to anyone with an interest in, or signature or other authority over […]

𝐓𝐀𝐗 𝐑𝐄𝐓𝐔𝐑𝐍𝐒 𝐃𝐔𝐄 𝟔/𝟏𝟓 𝐟𝐨𝐫 𝐀𝐌𝐄𝐑𝐈𝐂𝐀𝐍𝐒 𝐀𝐁𝐑𝐎𝐀𝐃 (𝟔/𝟕/𝟐𝟎𝟐𝟐)

Taxpayers living and working outside the United States must file their 2021 federal income tax return by Wednesday, June 15. This deadline applies to both U.S. citizens and resident aliens abroad, including those with dual citizenship. A taxpayer qualifies for the special June 15 filing deadline if: • Both their tax home and abode are […]