Tag Archives: Income taxes

Kids’ Day Camp Expenses May Qualify for a Day Credit

Day camps are common during school vacations and the summer months. Many parents enroll their children in a day camp or pay for daycare so they can work or look for work. Unlike overnight camps, the cost of summer day camp may count towards the child and dependent care credit. Here are 10 things parents should know:

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New Job? Don’t Forget About Your 401(K)

One of the most important questions you face when changing jobs is what to do with the money in your 401(k) because making the wrong move could cost you thousands of dollars or more in taxes and lower returns.

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Summer Activities That Could Affect Your Tax Situation

Although the tax return filing deadline has come and gone, it’s never too early to start planning for next year’s tax return. With that in mind, let’s take a look at some common summertime situations that could affect your taxes:

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Small Business Budgeting Errors

Common Small Business Budgeting Errors To Avoid

When creating a budget, it’s essential to estimate your spending as realistically as possible.

Here are five budget-related errors commonly made by small businesses and some tips for avoiding them.

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Choosing The Correct Business Entity

Choosing The Correct Business Entity

One of the most important decisions you’ll make when starting a business is choosing the right business entity. It’s a decision that impacts many things–from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal liability you face.

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What To Do If You Missed The April Tax Deadline

What To Do If You Miss The April Tax Deadline

What To Do If You Missed The April Tax Deadline

Monday, April 18, 2022, was the tax deadline for most taxpayers to file their tax returns, but if you haven’t filed a 2021 tax return yet, it’s not too late. Here’s what you need to do:

First, gather any information related to income and deductions for the tax years for which a return must be filed, then contact us at the office of Lahrmer & Company LLC at (866) 474-1238 or office@lahrmercpa.com.

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Taxpayer Rights: Pay No More Than The Correct Amount

Tax Payer Rights

As a reminder, taxpayers have the right to pay only the amount of tax legally due, including interest and penalties. They also have the right to have the IRS apply all tax payments properly. This is one of 10 fundamental rights known collectively as the Taxpayer Bill of Rights.

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Tax Credits To Help Cover The Cost Of Higher Education

Tax Credits To Help Cover The Costs of Higher Education

Tax Credits To Help Cover The Cost Of Higher Education

Whether your child attends trade school, private college, or public university, you already know that higher education in the United States is expensive. The good news is that many taxpayers are able to take advantage of two education tax credits to help offset these costs: the American opportunity tax credit and the lifetime learning credit. Taxpayers, their spouses, or their dependents who take post-high school coursework, may be eligible for this tax benefit.

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What To Do If You’re Missing Important Tax Documents

As the April 18th tax deadline quickly approached, last-minute tax filers should make sure they have all their documents before filing a tax return. You should have received a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2021 earnings and withheld taxes no later than January 31, 2022.

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Tax Return Tips For Last-Minute Filers

Tax Return Tips For Last-Minute Filers

When it comes to working on your taxes, earlier is better, but many people find preparing their tax return stressful and frustrating and wait until the last minute. If you’ve been procrastinating on filing your tax return this year, here are eight tips that might help.

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