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$1.2 billion in IRS penalty relief refunds coming for certain 2019 and 2020 tax returns To help struggling taxpayers affected by the COVID-19 pandemic, the IRS recently issued Notice 2022-36, which provides penalty relief to most people and businesses who filed certain 2019 or 2020 returns late. To qualify for this relief, any eligible income […]
Great Ways to Avoid Vacation Spending Traps You probably know how easy it is to spend a lot of money while on vacation. The best way to avoid overspending is to know the problem areas and be prepared before you go. Here are five typical vacation spending traps (and tips to avoid them): Paying full […]
Turning Your Hobby Into a Business You’ve loved dogs all your life so you decide to start a dog breeding and training business. Turning your hobby into a business can provide tax benefits if you do it right. But it can create a big tax headache if you do it wrong. One of the main […]
In The News – August 15, 2022 Inflation Reduction Act heads to President Biden’s desk for signature The U.S. Senate and House of Representatives passed the Inflation Reduction Act, sending the legislation to President Biden for his signature. Tax provisions in the bill include several new credits aimed at electric vehicles and clean energy. On […]
Anyone pursuing higher education, including specialized job training and grad school, knows it can be pricey. Eligible taxpayers who paid higher education costs for themselves, their spouse or dependents in 2021 may be able to take advantage of two education tax credits. The American opportunity tax credit and the lifetime learning credit can help offset […]
