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20 Jul '21
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 that were not reimbursed by their employer, a grant or other source. Who is an eligible educator: The taxpayer must be a kindergarten […]
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The Internal Revenue Service today launched a new feature that will give taxpayers digital control over who can represent them or view their tax records, a groundbreaking step in the agency’s expansion of electronic options for taxpayers and tax professionals. The new feature, one of many recent enhancements to the Online Account for individuals, will allow […]
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The Coronavirus Aid, Relief, and Economic Security Act allowed self-employed individuals and household employers to defer the payment of certain Social Security taxes on their Form 1040 for tax year 2020 over the next two years. Half of the deferred Social Security tax is due by December 31, 2021, and the remainder is due by […]
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It’s important for taxpayers to understand how selling their home may affect their tax return. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income. Here are some key things homeowners should consider when selling a home: Ownership and use To claim the exclusion, the taxpayer […]
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The IRS reviewed its collection activities to see how it could provide relief for taxpayers who owe taxes but are struggling financially because of the pandemic. The agency is expanding taxpayer options for making payments and other ways to resolve tax debt. Taxpayers who owe taxes always had options to get help through payment plans […]
