Tag Archives: taxpayer

Key Tax Provisions Of The Inflation Reduction Act Of 2022

The Inflation Reduction Act (IRA), signed into law on August 16, 2022, includes tax provisions affecting:

  • businesses,
  • individuals,
  • the clean-energy industry,
  • healthcare, and more.

Let’s take a look:

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Tax Breaks for Teachers and Educators

It’s almost time for the start of the new school year, and teachers and other educators should remember that they can still deduct certain unreimbursed expenses. Deducting expenses such as classroom supplies, training, and travel helps reduce the amount of tax owed when filing a tax return.

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Roth IRAs: Put Your Child’s Summer Earnings to Work

With plentiful opportunities for teen employment this year, now is the perfect time to consider opening a Roth IRA for your minor child.

Here’s everything you need to know including what it is, how it works, and why it’s beneficial.

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Dirty Dozen Tax Scams For 2022

The “Dirty Dozen” is a list of common tax scams that target taxpayers. Compiled and issued annually by the IRS, it includes a number of aggressive and evolving schemes that taxpayers should avoid. Let’s take a look at this year’s “Dirty Dozen” tax scams:

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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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Special Tax Benefits For Members Of The Military

Special Tax Benefits For Members Of The Military

Military personnel and their families face unique life challenges with their duties, expenses, and transitions. As such, military members may qualify for tax benefits unavailable to civilians. For example, they don’t have to pay taxes on some types of income. Special rules may lower the tax they owe or allow them more time to file and pay their federal taxes.

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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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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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Working Remotely Could Affect Your Taxes

Working Remotely Could Affect Your Taxes

Working Remotely Could Affect Your Taxes

When COVID-19 struck, many employers quickly switched to a work-from-home model for their employees. Many of them began working in a state other than where their office was located. While some workers have returned to their offices, as the pandemic drags on, more offices continue to work remotely with no back-to-office dates in sight.

If you’re working remotely from a location in a different state (or country) from that of your office, then you may be wondering if you will have to pay income tax in multiple jurisdictions or whether you will need to file income tax returns in both states. Here’s what you should know:

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What's new on IRS form 1040

What’s New for IRS Form 1040 This Year

What's New for IRS Form 1040 This Year

If you’ve gathered your tax documents and are ready to tackle your tax return, there’s one more step you should take: becoming familiar with what’s new on the 2021 Form 1040. While the format of Form 1040 and its schedules remain similar to 2020, there are several changes. Many of these changes can be attributed to the American Rescue Plan Act of 2021 (ARP).

Some are more familiar to taxpayers, including charitable contributions, advance child tax credits, and economic impact payments (mentioned above). Others might not be as well-known. Let’s take a look at nine of them:

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