taxes

July 30, 2019 | Juanita Farmer, CPA

10 Facts about the Adoption Tax Credit

If you adopt a child in 2019, you may qualify for a tax credit, and if your employer helped pay for the costs of an adoption, you may be able to exclude some of your income from tax. Here are ten facts you should know about the Adoption Tax Credit. 1. Credit or Exclusion. The credit is […]

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July 16, 2019 | Juanita Farmer, CPA

Special Tax Breaks for Members of the Armed Forces

Active members of the U.S. Armed Forces should be aware that there are special tax benefits available to them such as not having to pay taxes on some types of income or more time to file and pay their federal taxes. If you’re an active member of the armed forces, here’s what you should know […]

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July 9, 2019 | Juanita Farmer, CPA

Your Canceled Debt Could Be Taxable

Generally, debt that is forgiven or canceled by a lender is considered taxable income by the IRS and must be included as income on your tax return. When that debt is forgiven, negotiated down (when you pay less than you owe), or canceled you will receive a Form 1099-C, Cancellation of Debt, from your financial institution or […]

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July 2, 2019 | Andrea Sarralde

Recibo para quienes pagan impuestos

Casi todos los contribuyentes probablemente se han hecho la misma pregunta: ¿A dónde va mi dinero de los impuestos? El Condado de Montgomery ahora le ofrece un recibo. Se trata de una nueva herramienta que se puede encontrar en el sitio web del condado, y que le permite a los contribuyentes ingresar sus evaluaciones de […]

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July 2, 2019 | Juanita Farmer, CPA

What to Do if You Receive an IRS CP2000 Notice

An IRS CP2000 notice is mailed to a taxpayer when income reported from third-party sources such as an employer, bank, or mortgage company does not match the income reported on the tax return. It is not a tax bill or a formal audit notification; it merely informs you about the information the IRS has received and […]

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June 26, 2019 | Juanita Farmer, CPA

Filing an Amended Tax Return: What You need to Know

If you discover a mistake on your tax return after you’ve already filed, don’t panic. In most cases, all you have to do is file an amended tax return. Here’s what you need to know. Taxpayers should use Form 1040X, Amended U.S. Individual Income Tax Return, to file an amended (corrected) tax return. An amended tax […]

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June 20, 2019 | Juanita Farmer, CPA

Recordkeeping Tips for Small Business Owners

The key to avoiding headaches at tax time is keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you remember the various transactions you made during […]

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June 10, 2019 | Juanita Farmer, CPA

How the Sharing Economy Affects Your Taxes

If you’ve ever used–or provided services for– Uber, Lyft, Airbnb, Etsy, Rover, or TaskRabbit. then you’re a member of the sharing economy and it could affect your taxes. The good news is that if you’ve only used these services (and not provided them), then there’s no need to worry about the tax implications. However, if […]

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May 29, 2019 | Juanita Farmer, CPA

Delinquent Tax Debts Could Affect Passport Renewal

As a reminder, individuals with “seriously delinquent tax debts” are subject to a new set of provisions courtesy of the Fixing America’s Surface Transportation (FAST) Act, signed into law in December 2015. These provisions went into effect in February 2018. The FAST Act requires the IRS to notify the State Department of taxpayers the IRS […]

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May 16, 2019 | Juanita Farmer, CPA

What to Do if You Missed the Tax Deadline

Monday, April 15, 2019, was the tax deadline for most taxpayers to file their tax returns. If you haven’t filed a 2018 tax return yet, it’s not too late. First, gather any information related to income and deductions for the tax years for which a return is required to be filed, then prepare your return. […]

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