Profit Statements: The P&R Blog
Report Urges Stronger, Faster & More Accurate IRS Service
When filing your individual tax return and waiting for your refund, wouldn’t a smoother process be nice? Each year, the National Taxpayer Advocate (NTA), Nina Olson, is required to submit two annual reports to the tax-writing committees in Congress: the House Committee on Ways and Means and the Senate Committee on Finance. The Taxpayer Advocate …read more.
Students Beware! Phony IRS Agent Demanding Fake Payment
If you’re a student or know any, you likely understand their budget planning challenges. Ensure they don’t fall victim to a new twist scammers use to cheat taxpayers, according to the IRS. If someone calls claiming to be an IRS agent and demands your “Federal Student Tax” payment, it’s FAKE! Expect the caller to threaten …read more.
IRS Offers Simple Way to Deduct Your Home Office
If you work out of your home and set aside a dedicated area for business, you may be able to use a simplified method for claiming a deduction on your 1040 individual tax return. Using the simplified approach, you’re allowed a deduction of $5-per-square-foot of home office space, up to 300 square feet (or $1,500). …read more.
From your CPA team, Happy Independence Day!
As we celebrate the 240th anniversary of the signing of the Declaration of Independence, let’s remember the courage of those who paved the way for a new Nation and those today who sacrifice everything for our freedom. Despite the complex tax code, the American story is simple: our bravery, resiliency and enterprise remain unmatched. We …read more.
IRS Update: More Electric Vehicles Eligible for Tax Credit
If you’re an avid reader of “Profit Statements” (we hope you are!), you noticed our previous post discussed individual tax credits available for certain plug-in electric vehicles and eligibility requirements. If the car you’re considering didn’t make the list, don’t turn around for home yet; the IRS added more eligible vehicles this week. Compiled by …read more.