Category Archives: All Service Providers
3 Quick reasons to choose Murray Tax Services for your tax prep.
Many people pay to have their taxes prepared. You need to be careful when you pick a preparer to do your taxes. You are legally responsible for all the information on the tax return even if someone else prepares it. … Continue reading
Make the Most of Your Deductions
Article Highlights Bunching allows you to maximize your itemized deductions in one year and take the standard deduction in the next. The medical expense threshold for deductibility has been increased to 10% of AGI for individuals under the age 65. … Continue reading
Posted in All Service Providers, All Taxpayers, Tax Deductions
Tagged Tax Deductions
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Renting Your Home or Vacation Home
If you own a home in a vacation locale – whether it is your primary residence or a vacation home – and are considering renting it out to others, there are complicated tax rules referred to as the “vacation home … Continue reading
Posted in All Service Providers, All Taxpayers
Tagged 2nd home, Rental, vacation home
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Tax Tips for the Well-traveled Businessperson
As you probably already know, food and lodging expenses can be deducted when you are away from home for business purposes. This may be particularly beneficial to self-employed individuals who travel extensively. Like everything in the tax law, there are … Continue reading
Keep the Child Care Credit in Mind for Summer
If you are a working parent or look for work this summer, you may need to pay for the care of your child or children. These expenses may qualify for a tax credit that can reduce your federal income taxes. … Continue reading
Posted in All Service Providers, All Taxpayers, IRS Tips
Tagged child care credit, summer
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Did You Overlook Something on a Prior Tax Return?
Occasionally, clients will realize that an item of income was overlooked, a deduction was not claimed, or that an amended tax document was received after the tax return was already filed. Regardless of whether the oversight will result in more … Continue reading
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Tagged Amended return, prior return mistakes
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Are You Collecting the Needed W-9s?
If you use independent contractors to perform services for your business or rental that is a trade or business, and you pay them $600 or more for the year, you are required to issue them a Form 1099 after the … Continue reading
Posted in All Service Providers, All Taxpayers, small business
Tagged obamacare, Small business tax
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Tax Facts about Summertime Child Care Expenses
Many parents who work or are looking for work must arrange for care of their children during the school vacation. If you are one of those, and your children requiring care are under 13 years of age, you may qualify … Continue reading
Posted in All Service Providers, All Taxpayers, Have you ever asked, IRS Tips
Tagged children, tax credit
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Tips for Taxpayers Who Missed the Tax Deadline
The IRS has some advice for taxpayers who missed the tax filing deadline. File as soon as possible. If you owe federal income tax, you should file and pay as soon as you can to minimize any penalty and interest … Continue reading
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