If you purchased a home in 2010, you may be eligible to claim the First-Time Homebuyer Credit, whether you are a first-time homebuyer or a long-time resident purchasing a new home. The purchaser must have been at least 18 years old on the date of purchase; for a married couple, only one spouse must meet this age requirement. A dependent is not eligible to claim the credit.
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Along with the lazy, hazy days of summer come some extra expenses, including summer day camp. But, the IRS has some good news for parents: those added expenses may help you qualify for a tax credit.
Many parents who work or are looking for work must arrange for care of their children under 13 years of age during the school vacation.
Here are five facts the IRS wants you to know about a tax credit available for child care expenses. The Child and Dependent Care Credit is available for expenses incurred during the summer and throughout the rest of the year.
Posted by: Brett W. Neate, CPA, MT
read more…Posted by: Gary M. Sigman, CPA, MTax, PFS
read more…Posted by: Michael Hermes, Tax Senior
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For many, the sting of holiday spending will present itself in the coming weeks by way of credit card bills and department store charges. Spending aside, the few remaining days of the year also present an opportunity to reduce your taxes, whether you are an individual taxpayer or a business owner.
Our tax team has compiled their top ten action steps to ease the burden and possibly lessen the blow of taxes owed come April 15.
The Highway Act is making changes to our familiar due dates for business income tax returns. To recap current due dates, form 1120 (U.S. Corporation Income Tax Return) is initially due two and a half months after the close of the corporation’s tax year and can be extended for a six month period.
Calendar year corporations are, therefore, initially due on March 15th following the end of the calendar year and can be extended through September 15th. Form 1065 (U.S. Return of Partnership Income) is initially due three and a half months after the close of the calendar year with an option for a five month extension. Calendar year partnerships are initially due April 15th with an extension making the due date October 15th.
Read more by Barb Theofilos: When Are Severance Payments Made to FICA?
Posted by: Gary M. Sigman, CPA, MTax, PFS, AEP®
read more…Posted by: Colleen Kaminsky, CPA
read more…Posted by: DeAnna Alger
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If it sounds too good to be true, it probably is! In recent years, thousands of people have lost millions of dollars and their personal information to tax scams and fake IRS communication. This page looks at the scams affecting individuals, businesses, and tax...
(Bloomberg) An Obama administration policy that would have given more white-collar workers overtime starting Dec. 1 was blocked nationwide by a federal judge in Texas. The decision Tuesday is a victory for 21 states and dozens of business groups that sued, complaining...
As a result of the State of Ohio paying off its unemployment compensation debt to the federal government, Ohio employers will reap the benefit of lower Federal Unemployment Tax they pay this coming January. According to the Ohio Department of Job and Family...
From the Ohio Society of CPAsWritten on Dec 08, 2016 - OSCPA staff report The Ohio Department of Taxation will require a driver’s license or state ID number on electronic returns for Tax Year 2016. If the taxpayer has neither, they must declare so on the...
If you make a donation to a charity this year, you may be able to take a deduction for it on your tax return. Here are the top ten things the IRS wants every taxpayer to know before deducting charitable donations: Make sure the organization qualifies. Charitable...
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