Category: Tax
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Tennessee Qualifies for Disaster Tax Relief
All of Tennessee qualifies for disaster tax relief; various deadlines postponed to Nov. 3 IR-2025-47, April 14, 2025 WASHINGTON — The Internal Revenue Service announced today tax relief for individuals and businesses in the entire state of Tennessee affected by severe storms, straight-line winds, tornadoes and flooding that began on April 2, 2025. These taxpayers…
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First Quarter Estimated Tax Payment
Cook & Co. Tax Advisors rereminds self-employed individuals, retirees, investors, businesses and corporations that April 15 is the deadline for first quarter estimated tax payments for tax year 2025. Alabama Residents and others have until May 1. Because federal income taxes are pay-as-you-go, the law requires individuals who don’t have taxes withheld to pay taxes…
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Sunday Morning Blog – April 6, 2025
Tax Deadline Extended in Alabama for 2024 Tax Filings Due to FEMA-Declared Disaster Residents and businesses in Alabama affected by Hurricane Helene, which struck on September 22, 2024, have been granted significant tax relief by the Internal Revenue Service (IRS). Following a disaster declaration by the Federal Emergency Management Agency (FEMA), the IRS has extended…
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Disaster Victims in 9 States have Automatic Extensions
IRS reminder: Disaster victims in nine states have automatic extensions to file and pay their 2024 taxes WASHINGTON — The Internal Revenue Service today reminds individuals and businesses in areas covered by 2024 disaster declarations that their 2024 federal income tax returns and tax payments for tax year 2024 are due on Thursday, May 1,…
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Payment Plan Options
Reminder to those who owe: Payment plan options are available WASHINGTON — The Internal Revenue Service today reminds taxpayers that they don’t need to wait until April 15 to file their 2024 federal return, and if they owe and are unable to pay the balance in full, there are payment plans available to help them…
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Education Credits
Review the education credits before filing a federal tax return There are two tax credits designed to help taxpayers reduce education costs: the American Opportunity Tax Credit and the Lifetime Learning Credit. Eligibility requirements For both tax credits, to be eligible: Things taxpayers should know about the education tax credits The American Opportunity Tax Credit is: The Lifetime Learning Credit…
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The Last Week of March, First Week of April
This is always our busiest time at the office … Tax season can be stressful, especially if you’re not quite ready by the filing deadline. Fortunately, the IRS offers taxpayers an option to file an extension, granting extra time to complete their tax returns. Here’s what you need to know: What is a Tax Extension?…
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Tax News
As of February 2025, several significant tax law changes are under consideration or have been implemented across various jurisdictions: United States International Developments These developments reflect ongoing debates and legislative efforts aimed at overhauling tax systems to address economic disparities, revenue needs, and social equity concerns.
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Installment Sale Income
IRS Form 6252 Purpose: IRS Form 6252 is used to report income from an installment sale using the installment method. An installment sale occurs when you sell property and receive at least one payment after the tax year in which the sale took place. This form helps taxpayers determine the taxable portion of each payment…