Tax extension deadline approaches: what do avoid in a preparer
The Oct. 16, 2023, extension filing deadline is coming up, and many taxpayers who requested an extension are now choosing a tax return preparer. Most tax return preparers provide honest, quality service, but there are some bad apples out there – from unethical preparers to outright scammers. When hiring an [...]
Lots of military spouses are also entrepreneurs – here’s tax info
Many military spouses run businesses or do gig work, and whether it's a side hustle or a major operation, the IRS has tax resources, tools, and information to help them keep things running smoothly. Tax Resources on IRS.gov Small Business and Self-Employed Tax Center – Available at IRS.gov/smallbiz, this page has resources for [...]
Stay vigilant against phishing emails and Cloud-based attacks
The IRS and its Security Summit partners continue to see steady attacks aimed at the nation's tax professionals to steal sensitive tax and financial information from their clients. According to a news release, one of the most common threats facing tax pros is phishing and related scams. These are designed to trick the [...]
Hawaii wildfire victims qualify for tax relief
The Internal Revenue Service announced expansive tax relief for Hawaii wildfire victims in Maui and Hawaii counties. These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments. According to a news release, the IRS is offering relief to any [...]
1 in 3 households with student loans prep for $1,000+ payments
Nearly a third (31%) of Americans with student debt say they opted not to make payments on their loans during the national forbearance, using the reprieve to pay down credit card debt, save up for discretionary spending and build up their emergency savings, according to new research by Empower. Credit Cards [...]
Qualifying for Energy Efficient Home Improvement Credit
The IRS issued Notice 2023-59 regarding the requirements for home energy audits for taxpayers that want to claim the Energy Efficient Home Improvement Credit. The Inflation Reduction Act of 2022 created several clean energy credits. Each of these credits has requirements for the type of clean energy property or service purchased [...]