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Summertime activities that might affect people’s tax return next year

For many people, summertime means change. Whether it's a life change like a marriage or a typical summer event – like sending the kids to camp – things people do in summer could affect their income taxes. Here are a few summertime activities and tips on how taxpayers should consider them during filing season.

Getting married
Wedding season is upon us and newlyweds can make tax filing easier by doing a few simple things. First, report any name change to the Social Security Administration. Next, notify the United States Postal Service, employers, and the IRS of any address change. To officially change their mailing address with the IRS, taxpayers must compete Form 8822, Change of Address, and mail it to the correct address for their area. See page 2 of the form for detailed instructions. Making these changes as soon as they happen will help make filing their tax return easier.

Sending kids to summer camp
If a taxpayer is sending a child to summer camp, the cost may count toward the Child and Dependent Care Credit.

Traveling for business
Kids may have the summer off, but parents generally don’t. Business travel happens year-round. Tax deductions are available for certain people who travel away from their home or main place of work for business reasons. Whether a business traveler is away for a few nights or all summer long, it is important for them to remember the rules related to business travel.

Working part time
While summertime and part-time workers may not earn enough to owe federal income tax, they should file a tax return to get any refund they may be owed. Part-time and seasonal workers can visit IRS.gov to learn more about who should file a tax return. Some taxpayers earn summer income as a gig economy worker. These workers are encouraged to visit the Gig Economy Tax Center at IRS.gov to learn how participating in the gig economy can affect their taxes. If taxpayers are paid through payment apps and receive more than $600, they may receive an IRS Form 1099-K reporting their earnings. For more information, go to www.irs.gov/1099k.

Home improvements
Nothing says summertime quite like a honey-do list of around-the-house projects. The IRS has information to help taxpayers take advantage of potential tax benefits for some home improvements. If taxpayers make qualified energy-efficient improvements to their home after Jan. 1, 2023, they may qualify for a tax credit up to $3,200. They can claim the credit for improvements made through 2032. Taxpayers are encouraged to visit the Energy Efficient Home Improvement Credit page of IRS.gov to learn more.

If taxpayers make energy improvements to their home, tax credits are available for a portion of qualifying expenses. The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act of 2022. These types of projects include Energy Efficient Home Improvement Credit for things like water heaters, exterior windows and doors, and heating and air conditioning installations. Residential Clean Energy Credits are available for taxpayers who install solar, wind and geothermal power generation; solar water heaters; or fuel cells and battery storage.

Internal Revenue Service | An official website of the United States government Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.

What every small business needs to know about the Corporate Transparency Act and Beneficial Ownership Information Reporting

Small businesses and the Corporate Transparency Act BizFilings looks into how small businesses are affected by Corporate Transparency Act and Beneficial Ownership Information Reporting.

Why do you think putting rental properties in a LLC over an S Corp is more advantageous?

Do I need a CPA or an EA?

When deciding between an EA or a CPA, you will see that both types of professionals are well-qualified. They can both deliver the financial guidance you may need for your taxes. However, which one you should consult depends largely on which issue you’re looking to resolve.

EAs could help you work through an IRS audit or a collection problem, and they can also perform bookkeeping services that could be useful for businesses when preparing tax returns. CPAs, however, are more adept in meeting your financial planning and accounting needs; and when it comes to tax planning, they can also help you identify tax credits and deductions to lower your tax liability.

Both types of professionals are equally qualified to perform similar tasks, but there are differences in the range of services offered. CPAs can provide a much wider scope of tax services than an EA can. What’s more, general population demand is greater for CPAs than EAs.

If you have accounting needs with a micro focus, working with an EA could be the perfect fit for you. On the other hand, if you are interested in accounting practices that have nothing to do with taxes, such as auditing, then the CPA option may be best.

10 TEN DUDUCTIONS FOR INDIVIDUALS

1. Medical Expense Deduction- In general, you can deduct qualified, unreimbursed medical expenses that are more than 7.5% of your adjusted gross income for the tax year.
2. Deductions for State and Local Taxes- You may deduct up to $10,000 ($5,000 if married filing separately) for a combination of property taxes and either state and local income taxes or sales taxes.
3. IRA Contribution Deduction- You may be able to deduct contributions to a traditional IRA, though how much you can deduct depends on whether you or your spouse is covered by a retirement plan at work and how much you make.

4. Home office deduction- If you use part of your home regularly and exclusively for business-related activity, the IRS lets you write off associated rent, utilities, real estate taxes, repairs, maintenance and other related expenses.
5. Health savings account contributions deduction- Contributions to HSAs are tax-deductible, and the withdrawals are tax-free, too, as long as you use them for qualified medical expenses. For 2021 tax year, if you had self-only high-deductible health coverage, the individual coverage contribution limit was $3,600. If you had family high-deductible coverage, the contribution limit was $7,200. (Those 55 or older can put in an extra $1,000.) In 2022, the individual coverage contribution limit is $3,650 and the family coverage limit is $7,300.
6. Tuition and fees deduction- Those who paid education expenses (namely tuition) for themselves, their spouses, or their dependents can deduct up to $4,000. You can only claim the deduction if your gross income is $80,000 or less for single filers and $160,000 or less for joint filers. To claim the deduction, you need to complete two tax forms: Schedule 1 and Form 8917, Tuition and Fees Deduction. You do not need to itemize to claim the tuition and fees deduction.
7. Moving expenses for members of the military- You can deduct moving expenses on your taxes if you’re an active-duty member of the U.S. Armed Forces and you had to move because of a permanent change of station. (If you’re filing back taxes, this deduction was available to non-military members before 2018.) To claim this deduction for 2021, fill out IRS Form 3903 and Schedule 1.
8. Early withdrawal penalties from a CD- If you paid any early withdrawal penalties for a savings account, namely a certificate of deposit (CD), you can deduct that penalty on your federal taxes. Check your copies of Form 1099-INT or Form 1099-OID to see how much you were charged for penalties, and then can claim the deduction on Schedule 1.
9. Deduction for personal property rental- If you don’t work in a line of business that involves renting out your personal property, such as a car, but you still earn some side income from renting out your property, you can deduct expenses related to that rental income. For example, you may be able to deduct gas from renting out your car. Use Schedule 1 to claim this deduction.
10. Interest for a loan on an investment property- If you bought an investment property by taking out a loan, you can deduct the interest you pay on that loan. This deduction can apply to investment properties but not to stocks, securities, or anything that generates tax-exempt interest (like certain bonds). This tax break requires itemizing deductions and likely Form 4952.

The IRS Will Be Shutting Down Electronic Filing on Nov 20 Until January 2022. This is a standard operating procedure for the IRS as they perform annual maintenance in order to prepare the system for the upcoming Tax Year 2021 Filing Season

To my military personnel/ veterans. Here is a nugget to put in your back pocket.

To my military personnel/ veterans. Here is a nugget to put in your back pocket.

Don’t wait until the last possible nanosecond to maximize your refund

Accreditation complete.

Know your rights when dealing with the IRS.

And we are off to the finish line 🏃‍♂️

As we are about a week out from tax season I’ve been getting a lot of questions that involves business tax implications or individual taxation. I just wanted to post my webpage and inform the group that whatever questions you may have I am here for anyone in need. Please don’t hesitate to reach out. I help with tax planning, business formations, bookkeeping and more. Please visit my webpage and take advantage of my free resources. I also have client handouts.

There is a sigh of relief. The transfer tax has increased. 😎

Don’t skip over benefits that you’re entitled to. Call for a free consultation.

Don’t let the holidays put a damper on your tax planing. We are operating normal business hours during the holidays.

Let’s create a plan that is just for you.

You don’t have to leave your house to maximize your refund. From the comfort of your own home let our team take care of you.

We always stress that tax software is only good as the person inputting the numbers.

After receiving an abundance of phone calls from clients of other tax firms who can’t find their refunds or get ahold of their firm because they are closed until next tax season. We have decided to provide year-round support

Don’t stress this coming tax season. Let us take that weight off your shoulder.

Tic Tac Toe Tax, LLC updated their phone number.

Let us provide the additional service so you. To keep your mind at ease we work overtime to ensure the proper steps are taken to reduce your audit risk.

What is the Earned Income Tax Credit? Find out more.