- Want to Turn Your Business Loss to a Profit?
- If your business profits need a second look, feel free to reach out to us to talk things over.
- Should You Have an Identity Protection PIN?
- With the passage of the Taxpayer First Act in mid-2019, the Treasury Department (i.e., the IRS) is required to establish a program to issue an identity protection pin (IP PIN) to any U.S. resident who requests one. For each calendar year beginning after the date of enactment, the IRS must also expand the issuance of IP PINs to individuals residing in such states as the IRS deems appropriate, provided that the total number of states served by the program continues to increase.
- How to Create Projects in QuickBooks Online
- If you’re using QuickBooks Online Plus or Advanced, you can create projects and track their profitability.
- Deducting the Costs of Modifications for Senior-Proofing a Home
- While Americans may argue about any number of hot-button political topics, there’s no disagreement on one issue: the country’s population is aging…fast. According to the Social Security Administration, 10,000 baby boomers a day are reaching the age of 65. Many individuals, for either themselves or an older family member, are senior-proofing their homes – adding grab bars in showers, modifying stairways, widening hallways to accommodate a wheelchair, and other projects to make the home safer and more accessible for older occupants. If you are planning to make such home improvements, you may be wondering whether any of the costs will be tax-deductible.
- Video: The Difference Between a Tax Credit and Tax Deduction.
- In general, a deduction reduces taxable income, whereas a credit reduces the tax itself. Learn more.
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