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Individual Tax Return Filing Considerations for 2021

2022-01-19T14:26:36-05:00

As we reach the end of the 2021 tax year, now is the time to start sorting your tax documents for an on-time individual income tax return filing. View a listing of items to consider when preparing for the filing of your individual tax return. Each item listed could have a significant impact on the amount you must pay to the IRS or the tax refund you are eligible for.

Individual Tax Return Filing Considerations for 20212022-01-19T14:26:36-05:00

Education Expenses IRS Tax Credits and Deductions

2021-12-03T12:50:54-05:00

If you, or those that claimed you as a dependent, incurred education-related expenses during the year, or for education that is scheduled to start within the first three months of the following year, those expenses may qualify as a deduction or credit. Eligible filers, including students and parents, may be able to take advantage of tax credits and deductions if they paid education expenses, even if the expenses were paid with a student loan. Learn more about how Education Tax Credits and Deductions can reduce your tax liability.

Education Expenses IRS Tax Credits and Deductions2021-12-03T12:50:54-05:00

IRS Rules and Benefits of Individual Retirement Accounts (IRAs)

2021-11-04T19:27:45-04:00

There are three types of IRS tax audits - a Correspondence (Mail) Audit, Office Examination Audit, and a Field Audit. The IRS will notify an individual or business by mail or telephone if they are selected for an audit. Note that being selected for an audit doesn't necessarily mean that there is an issue with your tax return submission. Learn more about tax audits and representation to the IRS in the event of being audited.

IRS Rules and Benefits of Individual Retirement Accounts (IRAs)2021-11-04T19:27:45-04:00

IRS Rules for Claiming a Dependent

2021-09-29T23:04:36-04:00

There are three types of IRS tax audits - a Correspondence (Mail) Audit, Office Examination Audit, and a Field Audit. The IRS will notify an individual or business by mail or telephone if they are selected for an audit. Note that being selected for an audit doesn't necessarily mean that there is an issue with your tax return submission. Learn more about tax audits and representation to the IRS in the event of being audited.

IRS Rules for Claiming a Dependent2021-09-29T23:04:36-04:00

How to Prepare for an IRS Tax Audit

2021-08-25T12:10:36-04:00

There are three types of IRS tax audits - a Correspondence (Mail) Audit, Office Examination Audit, and a Field Audit. The IRS will notify an individual or business by mail or telephone if they are selected for an audit. Note that being selected for an audit doesn't necessarily mean that there is an issue with your tax return submission. Learn more about tax audits and representation to the IRS in the event of being audited.

How to Prepare for an IRS Tax Audit2021-08-25T12:10:36-04:00

Choosing the Right Tax Filing Status

2021-08-06T15:28:56-04:00

Tax filing status has a significant impact on your eligibility for deductions, as well as what you owe for federal and state taxes, so it is imperative that the correct status is selected when filing. Currently, there are five tax filing status options, and in certain situations, you may qualify for multiple statuses. Learn about the different tax filing statuses as well as status requirements and deductions.

Choosing the Right Tax Filing Status2021-08-06T15:28:56-04:00

Tax Reporting Requirements and Deductions for Rental Properties

2021-06-14T13:04:47-04:00

Owning an investment property can be a great way to boost your financial security and work toward financial independence. However, rental property taxes can complicate your tax return. Learn about considerations for rental property owners when reporting income and expenses associated with rental properties.

Tax Reporting Requirements and Deductions for Rental Properties2021-06-14T13:04:47-04:00

Taking a Property Tax Deduction

2021-05-25T10:15:27-04:00

The property tax deduction - which allows state and local property taxes to be deducted from the property owner's federal income taxes - is one of many benefits of being a homeowner, but you don’t need to own a house to get this tax break — there are other ways to qualify. Learn about what taxes-paid qualify for this federal tax deduction.

Taking a Property Tax Deduction2021-05-25T10:15:27-04:00

Understanding Electronic Tax Filing (E-File)

2021-05-24T12:15:19-04:00

Electronic tax filing (e_Filing) is the process of submitting tax returns to the IRS via the internet. Currently, the IRS offers four e-file options for individual taxpayers. Learn about options for e-filing your tax return.

Understanding Electronic Tax Filing (E-File)2021-05-24T12:15:19-04:00
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