Margaret KocajFeb 23, 20222 min readTips for parents who share custody or alternate tax benefitsSome parents who have a legal agreement with their child’s other parent about who claims the child on their taxes may have some questions...
Margaret KocajFeb 9, 20222 min readIRS reminds taxpayers their Social Security benefits may be taxableA new tax season has arrived. The IRS reminds taxpayers receiving Social Security benefits that they may have to pay federal income tax...
Margaret KocajJan 26, 20222 min readUnderstanding the adoption tax creditTaxpayers who adopted or started the adoption process in 2021 may qualify for the adoption credit. This credit can be applied to...
Margaret KocajJan 13, 20222 min read1099NEC Say What???All businesses are required by law to issue a Form 1099-NEC to relevant vendors, independent contractors, and freelancers, as well as...
Margaret KocajJan 13, 20223 min readHere are reasons people who don’t normally file should file a 2021 tax returnWith tax filing season is just around the corner, this is a good time for those who don’t normally file to consider the benefits of...
Margaret KocajJan 13, 20222 min readStart at the very beginning! GATHER YOUR DOCUMENTSTax filing step 1: Gather all year-end income documents As taxpayers are getting ready to file their taxes, the first thing they should...
Margaret KocajJan 12, 20222 min readDEDUCTIONS!!! It’s important for taxpayers to know the difference between standard and itemized deductions Taxpayers have two options when completing a...
Margaret KocajJan 5, 20222 min readCHECK YOUR MAIL! Don't toss the IRS letters in the bin or in a basket never to be seen again!!The IRS started issuing information letters to advance child tax credit recipients in December. Recipients of the third round of the...
Margaret KocajDec 15, 20211 min readGET READY FOR TAX FILING SEASON 2021Here's a link to what the IRS suggests you do to get ready for the tax filing season: https://www.irs.gov/pub/irs-pdf/p5348.pdf
Margaret KocajDec 1, 20213 min readWhat taxpayers can do now to get ready to file taxes in 2022There are steps people, including those who received stimulus payments or advance child tax credit payments, can take now to make sure...
Margaret KocajNov 23, 20212 min readWhat small business owners should know about the depreciation of property deductionDepreciation is an annual tax deduction that allows small businesses to recover the cost or other basis of certain property over the time...
Margaret KocajNov 17, 20212 min readIRS announces changes to retirement plans for 2022Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for...
Margaret KocajNov 16, 20211 min readTeachers can deduct out-of-pocket classroom expenses including COVID-19 protective itemsFall is here and another school year is in full swing. Many teachers are already dipping into their own pockets to buy classroom supplies...
Margaret KocajNov 4, 20212 min readCommon tax scams and tips to help taxpayers avoid themIn recent years, tax schemes and scams have been on the rise. Con artists work year-round which means taxpayers must remain vigilant to...
Margaret KocajNov 3, 20211 min readRight To RepresentationHere's what the right to retain representation means to taxpayers: • Taxpayers have the right to retain an authorized representative of...
Margaret KocajOct 30, 20211 min readIs that charitable contribution deductible?Taxpayers can find legitimate charities using the Tax Exempt Organization Search tool When taxpayers decide to support a cause they care...
Margaret KocajOct 27, 20211 min readIS ADVERTISING DEDUCTIBLE?Small business advertising and marketing costs may be tax deductible The tax law allows businesses to deduct expenses that help them...
Margaret KocajOct 19, 20211 min readThe tax responsibilities that come with shutting down a businessThere are many reasons a business owner may choose to close their doors, and there are many things that must be done to go out of...
Margaret KocajOct 12, 20212 min readNon-traditional families may qualify for advance child tax credit paymentsFamilies come in all shapes and sizes – and some families may not realize they could receive advance payments of the 2021 child tax...
Margaret KocajOct 5, 20212 min readHow a taxpayer’s custody situation may affect their advance child tax credit paymentsParents who share custody of their children should be aware of how the advance child tax credit payments are distributed. It is important...
