$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 […]
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 […]
COVID Tax Tip 2022-118, August 3, 2022 Teachers go above and beyond for their students, often buying classroom supplies needed to make learning successful. 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 […]
If you’re an eligible educator, you can deduct up to $250 ($500 if married filing jointly and both spouses are eligible educators, but not more than $250 each) of unreimbursed trade or business expenses. Qualified expenses are amounts you paid or incurred for participation in professional development courses, books, supplies, computer equipment (including related software […]
