Posts by Caras & Shulman

Tax Return Tips for Last-minute Filers

Tax Return Tips for Last-minute Filers

by | Apr 5, 2022 |

When it comes to working on your taxes, earlier is better, but many people find preparing their tax return stressful and frustrating and wait until the last minute. If you've been procrastinating on filing your tax return this year, here are eight tips that might help. Don't Delay Resist the temptation to put off your taxes until the last minute. Your haste to meet the filing deadline may cause you to overlook potential sources of tax savings and will likely increase your risk of making an...

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Tax Tips for March 2022

Tax Tips for March 2022

by | Mar 31, 2022 |

Click on the links below to jump to each section in this article: There's Still Time To Make an IRA Contribution for 2021 What Is the Credit for Other Dependents? Business Meals Fully Deductible in 2021 and 2022 Employee Business Expense Deductions: Who Qualifies? The Facts: Taxable vs. Nontaxable Income There's Still Time To Make an IRA Contribution for 2021 If you haven't contributed funds to an Individual Retirement Account (IRA) for tax year 2021, or if you've put in less than the maximum...

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Reminder: Social Security Benefits May Be Taxable

Reminder: Social Security Benefits May Be Taxable

by | Mar 24, 2022 |

Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have other substantial income in addition to your benefits. Your income and filing status affect whether you must pay taxes on your Social Security. About 40 percent of people who get Social Security have to pay income taxes on their...

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Small Business Financing: Securing a Loan

Small Business Financing: Securing a Loan

by | Mar 21, 2022 |

At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants and how to approach them properly can mean the difference between getting a loan for expansion or scrambling to find cash from other sources. Unfortunately, many business owners fall victim to several common, but potentially destructive myths regarding financing, such as: Lenders are eager to provide money to small businesses Banks are willing sources of...

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What To Know About the Gig Economy and Your Taxes

What To Know About the Gig Economy and Your Taxes

by | Mar 14, 2022 |

The gig economy, also called sharing or access economy, is defined by activities where taxpayers earn income providing on-demand work, services, or goods. This type of work is often carried out via digital platforms such as an app or website. There are many types of sharing economy businesses, including two of the most popular ones: ride-sharing, Uber and Lyft, for example, and home rentals such as Airbnb. If taxpayers use one of the many online platforms to rent a spare bedroom, provide car...

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Tax Breaks for Taxpayers Who Itemize

Tax Breaks for Taxpayers Who Itemize

by | Mar 7, 2022 |

Many taxpayers opt for the standard deduction, but sometimes itemizing your deductions is the better choice - often resulting in a lower tax bill. Whether you bought a house, refinanced your current home, or had extensive gambling losses, you may be able to take advantage of tax breaks for taxpayers who itemize. Here's what to keep in mind: Deducting State and Local Income, Sales, and Property Taxes The deduction that taxpayers can claim for state and local income, sales, and property taxes is...

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Filing a Tax Return: Avoid These Common Errors

Filing a Tax Return: Avoid These Common Errors

by | Mar 3, 2022 |

While not all mistakes on tax returns cause delays in refunds, as the April 18 deadline approaches, taxpayers are advised to steer clear of the common tax return errors listed below to ensure a timely refund. Not Using Electronic Filing While this isn't necessarily a mistake per se, electronic filing is the best way to cut the chances for many tax return mistakes while maximizing deductions to reduce the amount of tax owed. The reason for this is that the tax software your tax professional...

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Working Remotely Could Affect Your Taxes

Working Remotely Could Affect Your Taxes

by | Feb 14, 2022 | ,

When COVID-19 struck, many employers quickly switched to a work-from-home model for their employees. Many of them began working in a state other than where their office was located. While some workers have returned to their offices, as the pandemic drags on, more offices continue to work remotely with no back-to-office dates insight. If you're working remotely from a location in a different state (or country) from that of your office, then you may be wondering if you will have to pay income...

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What’s New for IRS Form 1040 This Year

What’s New for IRS Form 1040 This Year

by | Feb 7, 2022 |

If you’ve gathered your tax documents and are ready to tackle your tax return, there’s one more step you should take: becoming familiar with what’s new on the 2021 Form 1040. While the format of Form 1040 and its schedules remain similar to 2020, there are several changes. Many of these changes can be attributed to the American Rescue Plan Act of 2021 (ARP).

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