“Wow, that was fast!” The exact words from one of our client this morning. The direct deposits are happening now.… Read more IRS GET MY PAYMENT
Tag: InWorks Tax Services
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
NEW HOME TAX TIPS
Normally, if you purchase a piece of real estate to fix up and sell it at later date, the profit is taxed under the capital gains rules. There are even more favorable rules if the property qualifies as your principal residence. If you live in it more than two years during the five-year period preceding the sale, you can often exclude the gain from taxation altogether under special rules for homeowners.
Deciding Whether and How to File?
As people prepare to file their taxes, there are things to consider. They will want to determine if they need to file and the best way to do so.