With the rising cost of higher education, student loans now encompass the lives of those who have degrees. To help offset this cost, the government offers different education tax deductions and credits for qualified students enrolled in eligible degree programs or schools. The American Opportunity Tax Credit (AOTC) is one of the more beneficial tax …
Do you suspect you owe money to the IRS? Are you unsure of the amount you owe and do not know how to access this information? This article will walk you through all the details of what you need to know when owing the IRS taxes, fees, interest, and/or penalties. We’ll take a close look …
Adoption can be one of the biggest blessings, but it does usually require the parent or parents to incur many adoption-related expenses. The Adoption Tax Credit offered by the federal government gives you the chance to take a big credit that you can use to offset your tax liability come tax season. Tax credits give …
Are you struggling to organize your income and expenses? Is the tracking of these items overwhelming for you as an entrepreneur or small business owner? Keeping great records is an important part of doing business. The truth is you do not want to be caught off guard during an IRS tax audit, so you need …
This tax credit is perfect for those who have incurred certain educational expenses like tuition. It gives taxpayers a chance to save some money on the taxes they may owe the IRS come tax season. The Lifetime Learning Tax Credit (LLC) is a great credit to take if you do not qualify for the American …
The Lifetime Learning Tax Credit | What You Should Know Read More »
A 529 college savings plan is an excellent way to invest in a child’s future. College costs are soaring, making it hard for people to pay for school for their children. The days of saving up for your future child’s education are becoming more difficult because the cost of going to school keeps getting greater. …
529 College Savings Plans | What Are the Tax Benefits Read More »
What do you know about the importance and value of accurate mileage logs? At first glance, a mileage log may look like an ordinary document lacking value, but there’s much more to it! Think about the purpose behind a mileage log; often, business owners use mileage logs to calculate the amount of mileage reimbursement they …
Are you wondering what documents are needed for an IRS audit? Is the thought of preparing for an IRS audit making your stomach turn? Realize that you are not alone in this feeling. According to the Internal Revenue Service (IRS), in recent years, nearly one million Americans were audited, resulting in nearly 17.3 billion dollars …
The Tax Credit for the Elderly or Disabled was designed to help the nation’s seniors and disabled taxpayers by reducing their tax bill by an amount up to $7,500. The great thing about this is that it falls under the category of tax credits rather than tax deductions. This means that it doesn’t just reduce …
Tax Credit for the Elderly or Disabled | How to Take It Read More »
There’s no doubt about it; between diapers and daycare, taking care of a child is not a simple task and is certainly not easy on the wallet. Take into account the cost associated with student loans, and it’s true that children are just plain expensive. Luckily, the government understands this and offers parents certain tax …
Subscribe to our newsletter to receive news, updates, and valuable tips.
Copyright © 2021 Borshoff Consulting | All rights reserved | Tax Consultant in Carmel, IN
Download our guide to ensure you know everything you need to and are prepared to deal with the IRS.