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Latest Articles
Avoid Refund Delays by Renewing Expiring ITINs Now (Money)
ITINs (Individual Taxpayer Identification Numbers) are used by people who have tax filing or payment obligations under U.S. law but who are not eligible for a Social Security number. Under the Protect...
Mukesh Makker
Higher Ed Institutions Affected by Proposed Regulations (Money)
Proposed regulations were issued by the IRS on June 18, 2019, regarding the new 1.4 percent excise tax on the net investment income of certain private colleges and universities. While the new excise t...
Mukesh Makker
List of Preventive Care Benefits Expanded for HSAs (Money)
The list of medical care services for a range of chronic conditions allowed to be provided by a high deductible health plan (HDHP) was expanded effective July 17, 2019. These medical services and item...
Mukesh Makker
Two New Tax Scams to Watch out For (Money)
Although the April filing deadline has come and gone, scam artists remain hard at work. As such, taxpayers should be on the lookout for scams that reference taxes or mention the IRS, especially during...
Mukesh Makker
Who Can Represent You Before the IRS? (Money)
Many people use a tax professional to prepare their taxes. Anyone who prepares, or assists in preparing, all or substantially all of a federal tax return for compensation is required to have a valid P...
Mukesh Makker
Three Tips for Getting an Accurate Business Valuation (Money)
If you're conscientious about financial reporting, you may already have a sense of your company's worth, but in some instances, you might need a formal business valuation, such as:Certain tran...
Mukesh Makker
Tax Deductions for Teachers and Educators (Money)
Educators can take advantage of tax deductions for qualified out-of-pocket expenses related to their profession such as classroom supplies, training, and travel. As such, as the new school year begins...
Mukesh Makker
Credit Reports: What You Should Know (Money)
Creditors keep their evaluation standards secret, making it difficult to know just how to improve your credit rating. Nonetheless, it is still important to understand the factors that determine credit...
Mukesh Makker
Issuing Credit Memos and Refunds in QuickBooks (Money)
QuickBooks is very good at helping you get paid by your customers. It comes equipped with customizable invoice templates for billing customers and sales receipts for recording instant sales. It suppor...
Mukesh Makker
Tax Reform Reminder: Changes to Itemized Deductions (Money)
Under tax reform, many tax laws changed, including those affecting itemized deductions. While many people no longer need to itemize due to the nearly doubling of the standard deduction, certain taxpay...
Mukesh Makker
IRS Ends Tax Transcript Fax and Third-Party Services (Money)
Due to ongoing efforts to protect taxpayers from identity thieves, the Internal Revenue Service no longer offers tax transcript faxing service and third-party mailing of tax returns and certain transc...
Mukesh Makker
10 Facts about the Adoption Tax Credit (Money)
If you adopt a child in 2019, you may qualify for a tax credit, and if your employer helped pay for the costs of an adoption, you may be able to exclude some of your income from tax. Here are ten fact...
Mukesh Makker
Your Canceled Debt Could Be Taxable (Money)
Generally, debt that is forgiven or canceled by a lender is considered taxable income by the IRS and must be included as income on your tax return. When that debt is forgiven, negotiated down (when yo...
Mukesh Makker
Deducting Business-Related Car Expenses (Money)
If you're self-employed and use your car for business, you can deduct certain business-related car expenses.There are two options for claiming deductions:Actual Expenses. To use the ac...
Mukesh Makker
What to Do if You Receive an IRS CP2000 Notice (Money)
An IRS CP2000 notice is mailed to a taxpayer when income reported from third-party sources such as an employer, bank, or mortgage company does not match the income reported on the tax return.I...
Mukesh Makker

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