The Treasury Department and IRS have reversed course and recipients of a Form SSA-1099 or RRB-1099 do not need to file a tax return in order to receive their Economic Impact Payment .
Category: Tax Tips
YOUR STIMULUS CHECK
The Stimulus bill passed by Congress and signed by the President on March 27, 2020 contains many provisions affecting every… Read more YOUR STIMULUS CHECK
YOUR STIMULUS CHECK
The Stimulus bill passed by Congress and signed by the President on March 27, 2020 contains many provisions affecting every American. The… Read more YOUR STIMULUS CHECK
Payment Deadline Extended
The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak.
HIRE YOUR CHILDREN
Hiring your child can be soo beneficial to your business & you because it allows you to use your business… Read more HIRE YOUR CHILDREN
TAX DEDUCTIONS ON HOME PURCHASE
I purchased a house this year. Would I qualify for any tax deductions on a home purchase?
Unfortunately, most of the expenses you paid when buying your home are not deductible in the year of purchase.
The only tax deductions on a home purchase you may qualify for is the prepaid mortgage interest(points). To deduct prepaid mortgage interest (points) paid to the lender if you must meet these qualifications:
2018’s States Affected by Tax Reform
While the changes to the tax law won’t affect most Americans’ 2018 filings for the 2017 fiscal year, 2019 will be a much different story. Citizens of certain states will benefit more than others, too.
Luxury Automobile Tax Law Update
Tax Reform changes depreciation limits on luxury automobiles The Tax Cuts and Jobs Act changed depreciation limits for passenger… Read more Luxury Automobile Tax Law Update
BUSINESS TAXES 101
Understanding Business Taxes is super important. All businesses except partnerships must file an annual income tax return.
InWorks – TAX PREPARATION & PLANNING
When preparing your taxes, we will focus on making sure you profit from every deduction and credit available so you get the biggest refund or lowest liability possible. We encourage you to shop around and compare!
InWorks Tax Services 