More ERC Forgiveness

The IRS has opened a second round of the Employee Retention Credit Voluntary Disclosure Program (or “ERC VDP”) for businesses who may have improperly claimed the ERC in the past. The ERC VDP is open now and runs through Nov. 22, 2024. This ERC VDP helps businesses repay credits they received after filing ERC claims […]

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Tax Treatment of Crowdfunding

Crowdfunding is a method of raising money through websites by soliciting contributions from a large number of people. The contributions may be solicited to fund businesses, for charitable donations, or for gifts. Sometimes, the money raised through crowdfunding is solicited by crowdfunding organizers on behalf of other people or businesses. In other cases, people establish […]

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Your End-of-Summer Tax Checkup

If you’d like to avoid surprises next year at tax time, consider doing an end-of-summer tax update and make any tax withholding or payment updates that are necessary. While most people get a refund after filing their taxes, many also find they unexpectedly owe taxes. This is often due to a life or job change […]

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Educator Expense Deduction

With the new school year upon us, teachers should remember that they may be eligible to deduct up to $300 for classroom expenses in 2024. This deduction allows educators to offset the cost of supplies, materials and other classroom essentials, providing some financial relief for those who spend their own money to improve their students’ […]

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Tax Credits for Energy Efficient Home Improvements

Many parts of the country are approaching peak air conditioning season, which often means higher utilities. If your utility bill has recently caught your attention, you may be considering home improvements to lower those bills. Luckily there are tax credits availble that are meant to encourage people to make energy efficient home improvements. With the […]

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Newlywed Checklist

Summer wedding season has arrived, and newlyweds can make their tax filing easier by doing a few things now. Your marital status as of December 31 determines your tax filing options for the entire year, but that’s not all newlyweds need to know. Report a name change If you or your spouse are changing a […]

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Is Your Side Hustle a Hobby or Business?

It seems like “side hustles” are all the rage these days. But come tax day, the tax treatment of these endeavors can be a big question mark — especially since these often aren’t the primary source of income for those who take part in them. Hobbies and businesses are treated differently when it comes to […]

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Earned Income Tax Credit Eligibility

The Earned Income Tax Credit (EITC) is the federal government’s largest refundable tax credit for low to moderate income workers. Almost a third of those who qualify for the EITC became eligible for the first time this year due to changes in their marital, parental or financial status and may not realize they’re eligible. If […]

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