May is National Wildfire Awareness Month and it also includes National Hurricane Preparedness Week. To help individuals, businesses and organizations prepare in case they become victims of a natural disaster, the IRS has issued...

Read more

Taxpayers who make charitable donations to tax-exempt organizations may be able to claim a deduction on their federal tax returns. However, to receive the deduction, you must donate to “qualified” organizations. To learn if...

Read more

Recent reports have raised anew concerns about the impending insolvency of the Social Security program that may cause pain for significant segments of the population. Yet there are some proposals that aim to tackle...

Read more

If your company has an educational assistance program, you can use it to help pay employees’ student loans from now until Dec. 31, 2025. Funds from your program may be used both for loan...

Read more

If you’ve lost your job, keep in mind that any unemployment compensation you receive is taxable income. Unemployment benefit recipients generally must include the payments in their income when they file their federal tax...

Read more

Have you recently made energy efficient updates to your home? The IRS is reminding homeowners that they may qualify for expanded home energy tax credits under the Inflation Reduction Act. Specifically, the Energy Efficient...

Read more

Although many college students are off for the summer, it’s a good time to consider the education tax breaks you may be able to claim on your 2023 tax return. There are many possibilities...

Read more

Spouses who operate a business together must understand the federal tax rules involved. A spouse is considered an employee if there’s an employer/employee arrangement. For example, if one spouse controls the business and the...

Read more

Small business owners: The Inflation Reduction Act contains provisions that may help you reduce taxes and energy costs. For example, small businesses usually are eligible to claim a tax credit worth 30% of the...

Read more

While Tax Day (April 18, 2023) has come and gone, the IRS is continuing to remind taxpayers of upcoming filing deadlines. For example, for calendar-year tax-exempt organizations, 2022 returns are due May 15. Exempt...

Read more