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Tips to help make sure donations go to legitimate charities

When disaster strikes, Americans can always be counted on to help. That help comes in countless ways, but often the easiest way to help is by donating money to charities. Sadly, criminals are just as likely to answer the call after a disaster or emergency as the millions of people who open their wallets. Scammers […]

Know what’s deductible after buying that first home, sweet home

Making the dream of owning a home a reality is a big step for many people. Whether a fixer-upper or dream home, homeownership is a milestone that can come with a learning curve. First-time homeowners should make themselves familiar with authorized deductions, programs that can assist with home ownership and the use of housing allowances […]

Sept. 15 is the deadline for third quarter estimated tax payments

The Internal Revenue Service reminds taxpayers who pay estimated taxes that the deadline to submit their third quarter payment is September 15, 2022. Taxpayers not subject to withholding, such as those who are self-employed, investors or retirees, may need to make quarterly estimated tax payments. Taxpayers with other income not subject to withholding, including interest, dividends, […]

Taxpayers credits for other dependents

The credit for other dependents is a tax credit available to taxpayers for each of their qualifying dependents who can’t be claimed for the child tax credit. The maximum credit amount is $500 for each dependent who meets certain conditions. These include: Dependents who are age 17 or older. Dependents who have individual taxpayer identification numbers. Dependent […]

Classifying workers as employees or independent contractors

It is critical for business owners to correctly determine whether the individuals providing services are employees or independent contractors. An employee is generally considered anyone who performs services, if the business can control what will be done and how it will be done. What matters is that the business has the right to control the […]

IRS encourages preparation for natural disaster

As Dorian threatens and with the peak of hurricane season just ahead, the Internal Revenue Service reminds everyone to develop an emergency preparedness plan. Taxpayers, whether individuals, organizations or businesses, should take time now to create or update their emergency plans. Taxpayers can begin getting ready for a disaster with a preparedness plan that includes […]

Combat-injured disabled veterans may be due a refund

The IRS is alerting certain veterans that they may be due a credit or refund. This is a result of the Combat-Injured Veterans Tax Fairness Act passed in 2016. It affects veterans who received disability severance payments after January 17, 1991, and included that payment as income. Here is what these veterans should know: Veterans […]

IRS warns of scams related to natural disasters

In the wake of Hurricane Florence, the Internal Revenue Service is reminding taxpayers that criminals and scammers try to take advantage of the generosity of taxpayers who want to help victims of major disasters. Fraudulent schemes normally start with unsolicited contact by telephone, social media, e-mail or in-person using a variety of tactics. Some impersonate […]

Employees with other sources of income should do a Paycheck Checkup

The IRS urges everyone who works as an employee and who also has income from other sources to perform a Paycheck Checkup now. For example, certain individuals often need to pay estimated or additional tax. This includes taxpayers who have certain types of income from the sharing economy, interest, dividends, self-employment, capital gains, or prizes and awards. A […]

Three steps charities applying for tax-exempt status need to take

Before applying for tax-exempt status, a charitable organization must determine whether it is a trust, corporation or association. After that, there are three additional steps to take: 1. Gather organization documents Each application for exemption – except Form 1023-EZ – must be accompanied by an exact copy of the organization’s organizing document. This is generally one of these: Articles […]