- 5 Things You Need to Know About Sales Taxes in QuickBooks Online
- The most important thing you need to know about sales tax is that administering it correctly can be challenging
- Mortgage Insurance Premium Deduction Retroactively Extended
- For tax years 2007 through 2017, when taxpayers itemized deductions, they could deduct the cost of premiums for mortgage insurance on a qualified personal residence as home mortgage interest.
- Budget Tips for Covering A Surprise Tax Bill
- If this tax season brings you a large, unexpected tax bill, these are the steps you should take to ensure you don’t get into further trouble with the IRS.
- Above-the-Line Education Tax Deduction Reinstated
- Looking back a few years, a taxpayer who had higher education expenses could generally take advantage of four* possible tax benefits: an itemized deduction if the education was job-related, a higher education tuition and expenses tax credit using either the American Opportunity Tax Credit (AOTC) or the Lifetime Learning Tax Credit (LLC), or an above-the-line deduction for higher education tuition and fees. However, the 2017 tax reforms did away with the itemized deduction through 2025, and Congress allowed the above-the-line deduction for higher education tuition and fees to expire at the end of 2017, leaving only the two education credits as options.
- The Difference Between an Audit, a Review, and a Compilation
- There are key differences between compilations, reviews, and audits – and they’re important to know when it’s time for financial documents to be corroborated.
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