IRS Tax Tip: Tax credit available for parents who adopt

Taxpayers who adopted or started the adoption process during 2019 should review the rules around the adoption credit. While the amount of the credit increases for qualified taxpayers, the rules remain the same. Here are some facts to help people understand the credit and if they can claim it when filing their taxes: The maximum […]

IRS Tax Tip: Gather records early for a smoother tax season

As taxpayers are getting ready to file their taxes, one of the first things they’ll do is gather their records. To avoid refund delays, taxpayers should gather all year-end income documents before filing a 2019 tax return. It’s important for folks to have all the needed documents on hand before starting to prepare their return. […]

IRS Tax Tip: Know the difference between standardized and itemized deductions

It’s a good idea for people to find out if they should file using the standard deduction or itemize their deductions. Deductions reduce the amount of taxable income when filing a federal income tax return. In other words, they can reduce the amount of tax someone owes. Individuals should understand they have a choice of […]