Did someone say free!? Based on certain eligibility requirement, some taxpayers may qualify to receive tax assistance or filing services for free! IRS Free File The IRS Free File option is great for people who are only filing a tax return to claim the Recovery Rebate Credit, or have an AGI less than $72,000. Taxpayers who have no...
If you have student loans and regularly pay, you are familiar with the Student Loan Interest Deduction. You usually get to subtract up to $2,500 a year in interest payments on federal student loans, reducing your tax liability. Being an "above the line" deduction, meaning you don't need to itemize to qualify, is a welcome...
It is not too early to start preparing for the 2020 tax filing season (due April 15th 2021). We're hopeful there are no additional delays next year! Keep this list handy when tax forms start coming in January. Documents You Need Forms W-2 from employers Forms 1099 from banks and other payers Other income documents and...
Whether you claim a business office in the home, or are simply working at home because of COVID-19, you likely have some former personal assets that you now use for business if you are self-employed. You can also claim other home office deduction expenses! Ah, new tax deductions! Bought a new desk, chair, computer, printer or office...
During the fall of 2020, many school districts are applying a hybrid and/or remote learning model due to COVID. However, educators can still deduct certain un-reimbursable 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, you must...
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