Higher standard deduction comes with itemizing deduction. According to the IRS, the method reduces your federal income tax, which has dragged more than 30% of taxpayers to the itemizing...
Posted by KLSM CPA Firm PLLC on 03/14/2023
Every taxpayer needs the means to lower their taxes. Both individuals and business owners look for ways to save each dollar in taxes. Although the government initiated the Tax Cuts...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 03/01/2023
Education tax credits and deductions can provide significant tax savings for individuals paying for higher education expenses. For the 2022 tax year, there are two main education tax...
Posted by KLSM CPA Firm PLLC on 02/28/2023
It is a really bad idea to file taxes at the last minute. The decision ahead will make the process faster. It is best to plan and take specific actions before tax filing. For example,...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 02/22/2023
Think of tax deductions as small (and sometimes not so small) gifts from the IRS. First, its value is subtracted from taxable income, and then the tax bill is calculated based on what's...
Posted by KLSM CPA Firm PLLC on 02/22/2023
When it comes to tax time, homeowners are always looking for ways to reduce their tax burden. Luckily, many tax deductions available for homeowners can result in significant savings.Before...
Posted by Rosovich & Associates, Inc. on 02/22/2023
If you want to make corrections to your tax return from previous years, you will need the amended tax return form. The amended return is to resolve the errors and place you on a tax...
Posted by Tiffany Gaskin on 02/17/2023
Federal students can claim tax credits and deductions for education. In addition, you may need to file early taxes to enjoy education financial aid. The government has enacted different...
Posted by Pat Raskob on 02/07/2023
Many married couples prefer using the joint filing status to file tax returns. In essence, you or your spouse can file the tax return. Married couples using the joint filing status...
Posted by KLSM CPA Firm PLLC on 01/30/2023
