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Category Archives: Tax Central

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Why You Should Keep Home Improvement Records

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on September 26, 2023 by Lake Wylie Tax Services StaffSeptember 26, 2023

Why You Should Keep Home Improvement RecordsHere are some situations when having home improvement records could save taxes:

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Posted in Tax Central | Tagged Home and Mortgage

The Future of U.S. Tax Policy: Key Issues For 2024 Presidential Candidates

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on September 19, 2023 by Lake Wylie Tax Services StaffSeptember 19, 2023

The Future of U.S. Tax PolicyThe early Presidential debates for the 2024 election cycle have begun, and one topic that’s expected to take center stage is the future of the U.S. tax code. Tax policy questions loom large, and the 46th person to serve as United States President – remember, Grover Cleveland was elected twice, non-consecutively – will have to grapple with some major tax issues.

Foremost among these are the expiring individual and business tax regulations brought about by the Tax Cuts and Jobs Act (TCJA) and the growing deficits and national debt.

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Posted in Tax Central | Tagged Tax Planning

Find Lost Money

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on September 12, 2023 by Lake Wylie Tax Services StaffSeptember 12, 2023

What to do when you find lost moneyUnclaimed property refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for a period of one year or longer (depending upon state law). It is estimated that one out of ten Americans have unclaimed property or money floating around somewhere.

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Posted in Tax Central | Tagged Tax Planning

Tax Breaks for Grandparents

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on August 1, 2023 by Lake Wylie Tax Services StaffAugust 1, 2023

Tax Breaks for Grandparents 2023More and more individuals who thought their child-rearing days were over are now raising their grandchildren. It is estimated that 6.5 million children in the United States currently live with at least one grandparent, accounting for approximately 9% of all children nationally and more than half of those not living with their parents.

Another study found that the number of grandchildren living with their grandparents has increased 50% over the past ten years. Grandparents in this challenging situation should be aware that a variety of tax breaks may be available to ease the financial burden of becoming primary caregivers for grandchildren.

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Posted in Tax Central | Tagged Tax credits

Tax Implications of Student Loan Forgiveness

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on July 25, 2023 by Lake Wylie Tax Services StaffJuly 25, 2023

Tax Implications of Student Loan ForgivenessIf your student loan debt is forgiven, what are the tax consequences? The Internal Revenue Code Section 61, says that all kinds of income, including earned, found, or won, is income for tax purposes unless specifically excluded. Taking that to extremes, if you find, for example, a $20 bill on the sidewalk while out for your morning walk that is technically income.

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Posted in Tax Central | Tagged College

Tax Changes Coming After 2025

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on July 11, 2023 by Lake Wylie Tax Services StaffJuly 11, 2023

Tax Changes for 2025By now you have probably gotten used to the provisions in the Tax Cuts and Jobs Act (TCJA) that became effective January 1, 2018. But don’t forget, most of the tax changes made by the TCJA are not permanent and will expire (sunset) after 2025. This will have an impact on long range tax planning and will result in a mixed bag of tax increases and tax cuts. How it will impact individual taxpayers will depend upon which provisions of TCJA affect them. The following is a review of what will happen when TCJA expires if Congress doesn’t intervene.

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Posted in Tax Central | Tagged Tax Planning

Have You Gotten Bad Tax Advice?

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on June 21, 2023 by Lake Wylie Tax Services StaffJune 21, 2023

What to do when you get bad tax adviceThe U.S. Tax Code is used for more than just collecting taxes. It is used by the Government as a means of providing lower-income individuals with social benefits such as the earned income tax credit, child tax credit and health care subsidies. It also is used to promote government-sponsored programs such as combating climate change through tax credits for electric vehicles, home solar installations, and home energy-saving improvements. As a result, the tax code has become quite complex and changes frequently. That is why getting tax advice from friends and relatives or off the internet can be risky and lead to misinformation and trouble with the IRS, or missing out on tax benefits. Here are examples of bad tax advice.

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Posted in Tax Central | Tagged Tax Planning

Procrastinating on Filing Your Taxes?

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on June 13, 2023 by Lake Wylie Tax Services StaffJune 13, 2023

Are-you-still-procrastinating-on-filing-your-taxesIf you have been procrastinating about filing your 2023 tax return or have not filed other prior year returns, you should consider the consequences, including the penalties, interest, and aggressive enforcement actions. Plus, if you have a refund coming for a prior year you may end up forfeiting it.

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Posted in Tax Central | Tagged Tax Problems, taxes

School’s Out – Who Is Going to Take Care of the Kids?

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on June 6, 2023 by Lake Wylie Tax Services StaffJune 6, 2023

School is out for the summer - Childcare and tax creditsSummer has just arrived, and there is a tax break that working parents should know about. Many working parents must arrange for care of their children under 13 years of age (or any age if disabled) during the school vacation period. A popular solution — with a tax benefit — is a day camp program. The cost of day camp can count as an expense toward the child and dependent care credit. But be careful; expenses for overnight camps do not qualify. Also not eligible are expenses paid for summer school and tutoring programs.

If the qualifying child turned 13 during the year, the care expenses paid for the child for the part of the year he or she was under age 13 will qualify.

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Posted in Tax Central | Tagged Childcare Tax Credit, Tax Planning

Tax Consequences of Crowdfunding

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on May 16, 2023 by Lake Wylie Tax Services StaffMay 16, 2023

Tax Consequences of CrowdfundingRaising money through Internet crowdfunding sites prompts questions about the taxability of the money raised. Several sites host money-raising projects for fees generally ranging from 5 to 9%, including GoFundMe, Kickstarter, and Indiegogo. Each site specifies its own charges, limitations, and withdrawal processes. The money raised may or may not be taxable depending on what the purpose of the fundraising campaign was.

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Posted in Tax Central | Tagged Tax Planning

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