Some headlines declared: “There is now no tax on overtime or tips”! Well, not exactly! In this article, we’ll cut through the hyperbole and cut to the chase! However, this is just an overview of two very nuanced areas (i.e., Overtime and Tips). Both the…
It’s that time of year! The holidays are upon us! A time for turkeys, holiday gifts and tax loss harvesting! Yes, that’s right tax loss harvesting. Let’s delve into this hidden tax planning gem! A Quick Primer on Tax Loss Harvesting Tax loss harvesting is…
At R&R Accounting, we understand that navigating the complexities of tax preparation can be overwhelming. Our team of experienced tax professionals are here to provide you with the expertise, accuracy, and peace of mind you deserve. Here’s how we can help: Expertise and Knowledge When you have a complicated…
Teachers and other educators (such as instructors, counselors, aides, principals) that work in a school for at least 900 hours during the school year and with grades kindergarten through grade 12 qualify for this deduction. Further, both public and private school educators qualify. Homeschooling costs…
In order to claim business use of a vehicle, you need to utilize either the Standard mileage rate method or the Actual expenses method. You may have a larger tax benefit of one or the other, so it’s a good idea to calculate both if you qualify…
Tax Deadline: April 18, 2023 Individual and C-Corporation tax returns are due Tuesday, April 18th, 2023 (as the normal deadline of the 15th falls on a weekend and Monday the 17th is the Emancipation Day holiday in the District of Columbia). Most tax professionals are…
Filing a complete and accurate tax return is the best way to ensure receiving the refund is a smooth process or helping to curb receiving IRS notices. 1. Gather Personal Information Social Security numbers and the date of birth for everyone on the tax return…
When can you expect your tax documents? Most forms have a date that they must be postmarked, or mailed by. Mail delivery time and delays could mean that the forms are not received until after the below listed deadlines but are still considered on time.…
The two main ways to reduce your tax bill include tax credits and tax deductions. Tax credits are calculated after the tax is determined, meaning that they will reduce the tax you owe but they have no effect on your tax bracket. These are typically…
Extended Tax Deadline is Monday October 17th Personal Tax Returns are due on April 15th every year, with a one time extension to October 15th … as the 15th is a Saturday in 2022, you get an extra 2 days to file with the deadline…