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Category Archives: Taxation
Tips for parents who share custody or alternate tax benefits
Some parents who have a legal agreement with their child’s other parent about who claims the child on their taxes may have some questions this tax season about the child tax credit and the 2021 recovery rebate credit. Here’s what … Continue reading
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IRS reminds taxpayers their Social Security benefits may be taxable
A new tax season has arrived. The IRS reminds taxpayers receiving Social Security benefits that they may have to pay federal income tax on a portion of those benefits. Social Security benefits include monthly retirement, survivor and disability benefits. They … Continue reading
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It’s important for taxpayers to know the difference between standard and itemized deductions
Taxpayers have two options when completing a tax return, take the standard deduction or itemize their deductions. Most taxpayers use the option that gives them the lowest overall tax. Due to all the tax law changes in the recent years, … Continue reading
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Taxpayers must report gig economy earnings when filing taxes
Whether it’s a full-time job or just a side hustle, taxpayers must report gig economy earnings on their tax return. Understanding how gig work can affect taxes may sound complicated but, it doesn’t have to be. The IRS offers several … Continue reading
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How small business owners can deduct their home office from their taxes
The home office deduction allows qualified taxpayers to deduct certain home expenses when they file taxes. To claim the home office deduction on their 2021 tax return, taxpayers generally must exclusively and regularly use part of their home or a … Continue reading
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Get ready for taxes: Here’s what’s new and what to consider when filing in 2022
The IRS encourages taxpayers to get informed about topics related to filing their federal tax returns in 2022. These topics include special steps related to charitable contributions, economic impact payments and advance child tax credit payments. Taxpayers can visit IRS.gov/getready for … Continue reading
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NC man’s seminars on defrauding the IRS cost the government $38 million, feds say
Mehef Bey, who went by the alias Arthur Daniels, traveled the country recruiting people to file bogus tax returns seeking hundreds of thousands of dollars in refunds from the Internal Revenue Service, according to federal prosecutors. He succeeding in recruiting … Continue reading
Posted in Fraud, General, Taxation
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Prairie Village man sentenced to 12 years for $7.3 million dollar payday loan fraud, $8 million tax evasion
Joel Tucker was sentenced to 12 years and six months in federal prison and ordered to pay over $8 million in restitution to the IRS after selling false information or fictitious debts to payday loan businesses and not filing federal … Continue reading
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Tax Time Guide: Important considerations before filing a 2021 tax return
Now that the 2022 tax season is open, the Internal Revenue Service reminds taxpayers to make sure they’ve got what they need before they file and to consider free resources available to help them get organized. Don’t file before readyWhile … Continue reading
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Understanding the adoption tax credit
Taxpayers who adopted or started the adoption process in 2021 may qualify for the adoption credit. This credit can be applied to international, domestic private, and public foster care adoption. Taxpayers who adopt their spouse’s child can’t claim this credit. … Continue reading
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