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
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
If you're a small business owner, you may be looking for ways to stand out in the hiring process or to keep hard-working employees at your company. One of the ways to achieve this...
Posted by KLSM CPA Firm PLLC on 12/31/2022
The itemizing deduction route is the easiest way to enjoy tax benefits from your income tax on a federal tax return. This approach allows you to enjoy deductions on medical expenses,...
Posted by Dennis Jao on 12/26/2022
The SECURE Act, passed in late 2019, changed the rules for saving and withdrawing money from retirement accounts. Also, it was the first major legislative change to tax laws in more...
Posted by Pat Raskob on 12/08/2022
Some expenses can still be deducted due to the tax reform that happened in 2018. A detailed list of employee expenses that have been suspended as employee tax deductions, some until...
Posted by Rosovich & Associates, Inc. on 12/08/2022
Virtually everyone has suffered a loss, whether it's an accident, which may be covered by accident insurance, or theft.Tornadoes, earthquakes, wildfires, hurricanes, and other...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 11/30/2022
There is a chance to claim tax preparation fees as a self-employed. The opportunity is a big gap with benefits, but you need to know how to fill the gap to harness the benefits. So,...
Posted by KLSM CPA Firm PLLC on 11/28/2022
