Families with college students may save tax on their 2017 returns with one of these breaks
Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your 2017 return. One such break that had expired Dec. 31, 2016, was just extended under the recently passed Bipartisan Budget Act of 2018: the tuition and fees […]
‘Extender’ bill revives some expired tax provisions
Congress approved this month some last-minute tax law changes to extend some expired provisions into the 2017 tax year. The Bipartisan Budget Act of 2018 extends some tax provisions that expired at the end of 2016. It is commonly referred to as an “extender” bill because it extends expired provisions through the 2017 tax year. […]
New education tax provisions are available this year
Over the past 15 months, Congress passed several pieces of legislation containing a variety of new tax provisions, including some tax breaks for education expenses. Taxpayers must have Form 1098-T in order to claim education credits or tuition deductions. Generally, educational institutions are required to provide Form 1098-T to students and file a copy of Form […]
IRS Extends Due Date on Work Opportunity Tax Credit
The IRS has further extended the due date for employers to meet the certification requirements to obtain WOTC. This can be money in your pocket! You can read the full details of WOTC Notice 2016-40, 2016-27 IRB here, then contact our office to discuss how this will impact your business.
Continue to file for Work Opportunity Tax Credits
Congress has not extended the Work Opportunity Tax Credits (WOTC) to new hires in 2015. However, because Congress has historically extended these tax credits, we encourage employers to continue to submit the paperwork for certification for each new hire. Companies have missed out on possible Work Opportunity Tax Credits by not continuing to file the […]