Category: Tax
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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…
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Scheduling In-Office or Telephone Appointments
Our Online Scheduler is So Easy and Convenient! Because the Internal Revenue Service opened their computer system for electronic filing on Monday, January 27th, this past week should count as our first week of Tax Season, even though we did not go on extended hours until Saturday, February 1st (yesterday). Our Tax Season (Feb. 1…
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IRS announces Jan. 27 Start to 2025 Tax Filing Season
The IRS expects more than 140 million individual tax returns for tax year 2024 to be filed ahead of the Tuesday, April 15 federal deadline. More than half of all tax returns are expected to be filed this year with the help of a tax professional, and the IRS urges people to use a trusted tax…
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Tax Tips for Marriage Status Change
A taxpayer’s filing status generally depends on their being married or unmarried on the last day of the year – which means that a taxpayer’s marital status as of December 31, 2024, determines their tax filing options for all of 2024. For filing purposes, the IRS generally considers taxpayers as married if they are separated…
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Tax Benefits for Businesses
Tax benefits for businesses that accommodate people with disabilities Businesses that make structural adaptations or other accommodations for employees or customers with disabilities may be eligible to save money on their taxes. Here are the tax incentives for employers who provide accommodations for people with disabilities. Disabled Access Credit The Disabled Access Credit is a…
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Employer Educational Assistance Programs
Employer educational assistance programs can still be used to help pay off workers’ student loans through Dec. 31, 2025 Though educational assistance programs have been available for many years, the option to use them to pay for workers’ student loans has only been available for payments made after March 27, 2020. Under current law, this…
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Beware of Promoters – Settle Your Taxes for Pennies on the Dollar
IRS warns of ‘mills’ taking advantage of taxpayers with Offer in Compromise program The Internal Revenue Service reminds taxpayers to beware of promoters claiming their services are necessary to resolve unpaid taxes owed to the IRS while charging excessive fees, often with no results. These unscrupulous “mills” use aggressive marketing to make false claims of…
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IRS Provides Relief to Francine Victims
The Internal Revenue Service announced today tax relief for individuals and businesses in the entire state of Louisiana, affected by Tropical Storm Francine that began on Sept. 10, 2024. These taxpayers now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments. The IRS is offering relief…
