Author Archives: Jay Butchko
The Importance of Safeguarding Tax Information
With the tax deadline officially past and the peak periods for natural disasters rapidly approaching in Florida and elsewhere in the U.S., taxpayers across the country are being encouraged to take steps to protect their important tax and financial information. Such preparation can go a long way towards helping taxpayers feel secure, especially in… Read More »
Connecticut Storm Victims Qualify for Tax Relief
Early in January, severe storms swept across the state of Connecticut, causing millions of dollars worth of damage and leaving many residents without shelter. These problems were exacerbated by the partial breach of at least two dams, which left an estimated 5,000 people without power and many others stranded in their homes. In an… Read More »
The Employer-Provided Childcare Tax Credit
Employers who provide childcare services to their employees could be eligible for the employer-provided childcare tax credit, which covers expenses for childcare facilities, childcare resources, and referrals. This credit is an incentive that offers qualifying businesses a tax credit of up to $150,000 to offset 25 percent of their yearly childcare facility expenditures, in… Read More »
FAQs About 1099-K Forms
Many taxpayers receive 1099-K forms come tax season. These forms are a type of information return that is used to report certain types of payments received by a taxpayer during the year. Unfortunately, there is a lot of confusion about 1099-K forms, which can lead to costly mistakes when filing one’s return. To help… Read More »
Your Tax Time Guide
With tax season quickly approaching, it’s important that taxpayers start preparing to submit their returns and make any payments that they owe. To help, we’ve included a few things to keep in mind this spring when you file your 2023 taxes. Tips for Filing an Accurate Return The deadline for filing income returns this… Read More »
What to Know About Standard vs Itemized Deductions
A tax deduction lowers the amount of a taxpayer’s income that is subject to taxes, thereby also lowering the amount that a taxpayer has to pay come tax season. While most taxpayers use the standard deduction, many instead opt for the itemized deduction. Read on to learn more about the differences between these two… Read More »
IRA Owners Can Make Up to $100,000 in Tax-Free Charitable Gifts
In most cases, distributions from traditional Individual Retirement Arrangement (IRAs) are taxable when they are received. There are, however, exceptions to this rule. For instance, IRA owners who are over a certain age can transfer as much as $100,000 with no tax repercussions every year as long as those distributions are paid directly from… Read More »
Getting Ready to File Your 2023 Tax Returns
Taxpayers should be sure to start taking a few steps that will help them prepare for filing their returns next year. By taking these steps earlier in the filing process, taxpayers can have the information and paperwork they need to file their returns faster and more accurately. Organize and Update Your Tax Records Gathering… Read More »
Taxpayers Affected by Storms and Tornadoes Could Qualify for Tax Relief
Earlier this month, many southern states were battered by severe storms and tornadoes. Tennessee was hit especially hard, with many residences and businesses damaged or destroyed and thousands left without power. In an effort to help these victims, the IRS recently announced that it would be offering tax relief to affected taxpayers, who now… Read More »
The 2024 Tax Filing Season Started January 29th
The IRS recently announced that the official start date for the 2024 tax season was January 29th, the date which the agency will start accepting and processing 2023 tax returns. Although taxpayers technically have until April 15th to file their taxes, most are encouraged to start the filing process as soon as possible to… Read More »
