If you’re a business owner, you may be able to deduct “ordinary and necessary” expenses related to keeping working animals. But the operative word here is “working,” for example, dogs that guard against illegal entry or cats that protect inventory from rodents. In general, such expenses as food, veterinary bills, pet insurance premiums and related […]

The IRS has reported a significant advance in reducing paper filings, part of its 10-year plan to improve service and upgrade technology. Its Document Upload Tool enables taxpayers to submit most documents electronically so long as they can provide their name; an access code or notice or letter number; and a Social Security or taxpayer […]

If you’re a U.S. citizen living or working abroad, you still must file a federal individual income tax return. Generally, IRS rules for filing income, estate and gift tax returns and paying estimated tax are the same for those residing abroad as for those in the United States. The United States taxes its citizens on […]

The IRS recently mailed nearly 28,000 Employee Retention Tax Credit (ERTC) claim disallowance letters to businesses. The National Taxpayer Advocate, Erin Collins, has provided guidance to taxpayers whose ERTC claims were disallowed. Collins said that, “Unfortunately, a number of the notices were not clear or did not include information on the businesses’ appeal rights. Taxpayers […]

Most of us welcome tax credits. But do you know the difference between a nonrefundable tax credit and a refundable tax credit? A nonrefundable tax credit reduces your tax bill dollar for dollar, but not below zero. For example, suppose you have a tax liability of $9,000 and qualify for a nonrefundable tax credit of […]

“I’m a greater believer in luck, and I find the harder I work the more I have of it.” ― Thomas Jefferson Wishing you a happy and safe Labor Day!