Tax credits and deductions for education
The costs for continuing education can add up quickly and get expensive. There are several tax benefits such as credits and deductions that can help eligible taxpayers reduce these costs. A tax credit reduces the…
Is that activity just a hobby or a business?
Many people have hobbies – things they enjoy doing in their spare time – and some even make a little extra money from them. However, there’s a difference between a hobby and a business, especially…
Myth-busting federal tax refunds
Many taxpayers file their federal tax returns and then eagerly anticipate details about their refund. The best way to check the status of a refund is through the Where’s My Refund? tool, the IRS2Go app, or by signing…
Caring for a family member or relative? Understand the special rules
Family members who are paid to take care of a loved one may have tax responsibilities. This depends on whether they are considered an employee or provide their services as their own business. Let’s go…
Estimated taxes aren’t just for the self-employed
Typically, people who are self-employed pay their federal income tax by making estimated tax payments. However, they aren’t the only ones that may need to pay estimated tax. Federal income tax is a pay-as-you-go tax….
ABLE savings accounts and other tax benefits for persons with disabilities
People with disabilities and their families can use Achieving a Better Life Experience accounts to help pay for qualified disability-related expenses. ABLE accounts are savings accounts that don’t affect eligibility for government assistance programs. Here are some key…
When and how to amend a tax return
Taxpayers who discover an error after filing a federal tax return may need to file an amended return. There are some instances where an amended return isn’t required such as when the IRS corrects errors…
Common tax return mistakes to avoid
Mistakes and errors can happen, but most are easily avoidable when it comes to filing federal income tax returns. Taxpayers are encouraged to review their entire return before filing to make sure it is correct…