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Which Educator Expenses Are Tax Deductible?
Teachers and other educators should remember that they can deduct certain unreimbursed expenses such as classroom supplies, training, and travel – even when schools switched to hybrid or remote learning models during the pandemic last spring. Deducting these expenses helps reduce the amount of tax owed when filing a tax return. To qualify for the […]
Advance Child Tax Credit Payments Start This Month
The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting July 15, 2021. Here’s what families need to know: Background The expanded and newly-advanceable Child Tax Credit was authorized by […]
What is an Economic Impact Notice?
After a taxpayer has been issued an Economic Impact Payment, the IRS is required to mail an Economic Impact Notice to the recipient at their last known address. This notice provides information about the amount of the Economic Impact Payment, how it was made, and how to report any payment that wasn’t received. If you’ve […]
Saving for Education: Understanding 529 Plans
Many parents are looking for ways to save for their child’s education and a 529 Plan is an excellent way to do so. Even better, is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their child’s K-12 education as well as […]
Tax Breaks for Teachers and Educators
While many schools are switching to hybrid or remote learning models, teachers and other educators should remember that they can still deduct certain unreimbursed expenses such as classroom supplies, training, and travel. Deducting these expenses helps reduce the amount of tax owed when filing a tax return. To qualify for the deduction, the taxpayer must […]
529 Education Savings Plan Updates under Tax Reform
Taxpayers with school-age children should be aware of three recent tax law changes affecting 529 education savings plans. Tuition refunds The PATH Act change added a special rule for a beneficiary of a 529 plan, usually a student, who receives a refund of tuition or other qualified education expenses. This can occur when a student […]
The Facts about Penalty Relief for Taxpayers
Taxpayers who make an effort to comply with the law but are unable to meet their tax obligations due to circumstances beyond their control may qualify for relief from penalties. If you’ve received a notice stating that the IRS assessed a penalty, the first step taxpayers should take is to check that the information in […]
Understanding the Net Investment Income Tax
While the Net Investment Income Tax (NIIT) tends to affect wealthier individuals most often, in certain circumstances, it can also affect moderate-income taxpayers whose income increases significantly in a given tax year. Here’s what you need to know. What is the Net Investment Income Tax? The Net Investment Income Tax (NIIT) is a 3.8 percent […]
Safeguarding Financial Records
Natural disasters such as hurricanes are more common in summer, but tornadoes, floods, and fires can strike at any time. As such, it’s always a good idea to plan for what to do in case of a disaster. Here are some basic steps you can take right now to prepare: 1. Backup Records Electronically. Many people […]
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