How to Save with the Alternative Motor Vehicle Credit 🔋

The federal government wants businesses to adopt sustainable energy, and they’re offering tax breaks to incentivize business owners. Businesses who make the leap can get tax credits, rebates, and more. The alternative motor vehicle credit helps offset some of the costs associated with switching to sustainably fueled vehicles, but it’s only available for certain vehicles. […]

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How to Get an IRS Identity Protection Pin

Identify theft is running wild in the US, and tax returns are a prime target for bad actors.  To combat this issue, the IRS started assigning IRS identity protection pins in January of 2011. These six-digit numbers protect taxpayers’ identity and make it easier for the IRS to process your return. What is an IRS […]

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How to Get Your Prior Year AGI

When it comes to filing your taxes, there are a couple of different ways you go about it. You can file a paper return by mail, or you can e-file. In this day and age, e-filing is the most common way to file your returns. It is quick, efficient, and secure. With that being said, […]

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The New Qualifying Relative Rules for 2021

The IRS typically affords tax breaks to taxpayers with qualifying dependents to compensate for their additional costs. The most prevalent type of dependent is children, but qualifying relatives often include adults and other individuals in your household. However, your claimed dependents must pass the qualifying relative test to count. This guide covers the latest IRS […]

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Investing in Art and NFTs for Tax Deductions

For high net worth individuals, tax strategies and investing go hand-in-hand. If you’re not diligent about the tax consequences of your investments, you may owe the IRS far more than anticipated. As such, these wealthy individuals often ask our team about the potential tax savings of different investments. Recently, we’ve fielded questions about investing in […]

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Tax Brackets for Self-Employed Individuals in 2020

Tax season is approaching fast, so you should get focused on your taxes. Your taxable income will determine your final year-end tax bill. To determine taxable income, subtract your allowed deductions from your total income. Your adjusted gross income will include income from all sources including from your job, self-employed income, side hustles, and any […]

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IRS Schedule C Instructions For Independent Contractors

For independent contractors, filing taxes is a little more complicated. Contractors don’t have an employer, so they’re responsible for paying taxes and reporting their income. 1099 contractors must use IRS Form 1040 to report income. However, Form 1040 includes additional requirements for 1099 contractors. Specifically, you must report your business income and related expenses on […]

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