If you filed for an extension on your federal tax return, the October 15 deadline is almost here. But you don't need to wait until October 15 to file, you can do it at any point before Thursday, Oct. 15, if you have all the required tax documents. Contact us today with any questions (317) 846-1005
Rideshare and Taxes | 2020 Complete Guide https://borshoffconsulting.com/rideshare-and-taxes-2020-complete-guide/
Rideshare is a service that you arrange like a Taxi to drive a passenger (and other passengers) on a one-time trip to a specific location. You are allowing someone to "share your ride (vehicle)," which is why it's called Rideshare.
The shared rides are usually arranged via a mobile application. The two major companies that are used are Uber and Lyft. While you can arrange for a driver to take you to multiple locations, that is not a standard practice. Uber or Lyft is for a one-way ticket to a pre-set destination.
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Rideshare and Taxes | 2020 Complete Guide - Borshoff Consulting
When it comes to taxes and accounting we have you covered. We are Indiana's Tax Experts! Contact us today for your free consultation. (317) 846-1005
The IRS has several options to help you meet your tax obligations.
• Payment Plans (including installment agreements)
• Offer in Compromise
• Request that we temporarily delay collection until your financial situation improves
To see if you qualify for any of these options visit https://borshoffconsulting.com/
If you need more time to file your taxes, you can request an automatic extension until October 15. The extension provides more time to file – not more time to pay any taxes due. Contact us today for more information at (317) 846-1005 or visit us online at https://borshoffconsulting.com
Tax Professional | Everything You Need to Know https://borshoffconsulting.com/tax-professional-everything-you-need-to-know/
In this article, we will take a look at the definition of the different types of tax professionals, the reasons you may need the help of a tax professional or consultant, what the different types of tax professionals do, and the best way for you to find the right tax professional right now.
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Tax Professional | Everything You Need to Know - Borshoff Consulting
Everything You Need to Know About IRS Wage Garnishment https://borshoffconsulting.com/everything-you-need-to-know-about-irs-wage-garnishment/
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Everything You Need to Know About IRS Wage Garnishment
Nothing strikes fear in the hearts of people more than receiving an IRS Audit letter in the mail. We handle it all for you so that you need not take time off of your business or job to handle the bureaucracy and paperwork of the IRS. No lost wages or business. If you've received an audit notice from the IRS click here for our free consultation: https://borshoffconsulting.com
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Home - Borshoff Consulting - Indiana's Tax Expert
How Will My Inheritance be Taxed? https://borshoffconsulting.com/how-will-my-inheritance-be-taxed/
It's never pleasant to think about the death of a loved one, but if there is the possibility that you will receive an inheritance, you may have to pay taxes on it. Of course, the last thing you want to think about when going through a loss is the tax consequences of an inheritance, but if you have to pay them, it's best to know what to expect, right?
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How Will My Inheritance be Taxed? - Borshoff Consulting
Business travelers like self-employed individuals and certain employees, such as Armed Forces reservists, fee-basis state or local government officials, eligible educators, and qualified performing artists, that deduct unreimbursed expenses for travel away from home may still use per diem rates for meals and incidental expenses, or incidental expenses only. Give us a call today to find out more, or visit our website https://borshoffconsulting.com/ to learn more
Reminder to taxpayers: Unemployment compensation is taxable. Plan ahead and have tax withheld now to avoid a tax-time surprise.
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If you use part of your home for business, you may be able to deduct expenses for the business use of your home. The home office deduction is available for homeowners and renters and applies to all types of homes. To learn more call us at (317) 846-1005
With so many changes this year, we recommend all taxpayers review their withholding annually. Make sure you're not having too little or too much federal tax withheld. Please contact us with any questions you may have (317) 846-1005
Lottery and Taxes | What You Need to Know about Your Winnings https://borshoffconsulting.com/lottery-and-taxes-what-you-need-to-know-about-your-winnings/
The lottery and taxes go together like peanut butter & jelly, although it does not taste nearly as good. In 2018, when the lottery was up in the billions – that's right, billions with a "B", there was much discussion about the amount of tax that would be owed from the winner would owe.
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Lottery and Taxes | What You Need to Know about Your Winnings - Borshoff Consulting
Building and preserving your personal wealth requires specialized attention. You get one-on-one guidance and a comprehensive tax planner that helps ensure that you are not paying more in taxes than absolutely necessary when you work with Borshoff Consulting. Contact us today for a free conversation. (317) 846-1005
Did you know hiring certain veterans could make your business eligible for a tax credit? To learn more, click here: www.irs.gov/wotc
IRS.GOV
Work Opportunity Tax Credit | Internal Revenue Service
This year, criminals turned their attention to stealing Economic Impact Payments. Many of these scams are identity theft-related. These criminals file false tax returns or supply false information to the IRS to divert refunds to wrong addresses or bank accounts. This is on the IRS Dirty Dozen scam list. Learn more, click here: www.irs.gov/dirtydozen
IRS.GOV
Dirty Dozen | Internal Revenue Service
If you own a small business, it's important to keep good records, especially for tax planning purposes. For more information on small business tax planning, give us a call today (317) 846-1005
Reminder! The deadline to register for an Economic Impact Payment is extended to November 21st. Click here to learn more:
IRS.GOV
IRS extends Economic Impact Payment registration deadline for non-filers to Nov. 21 | Internal Revenue Service
Tax Credit for Other Dependents | Your How-To Guide https://borshoffconsulting.com/tax-credit-for-other-dependents-your-how-to-guide/
If you have a dependent who does not qualify for the Child Tax Credit, you may be able to benefit from the Credit for Other Dependents. This tax credit is a nonrefundable credit worth up to $500 per eligible dependent and cannot be claimed for the Child Tax Credit.
Not everyone has a family with just a spouse and children. Often, we are required to take care of our elders or have other people we claim as dependents but who do not qualify for the Child Tax Credit. In these instances, the Credit for Other Dependents can be quite a blessing.
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Tax Credit for Other Dependents | Your How-To Guide - Borshoff Consulting
Happy Halloween!
Hey there Doctors, Lawyers, and all other professional service providers. Would you rather stick a fork in your eye than do your administrative bookkeeping and payroll work? Well my firm is the solution for your woes. At Borshoff Consulting, LLC we provide bookkeeping, payroll and Tax planning and preparation services, in such a way that you can focus on serving your patients or clients, while still get your reports and be ready for tax time, for a reasonable monthly fee.
Call us today at 317-961-3400 to schedule a complementary 30-minute consultation, or visit us on the web at borshoffconsulting.com.
Best Tax Credits for Parents | Tax Year 2020 https://borshoffconsulting.com/best-tax-credits-for-parents-tax-year-2020/
There's no doubt about it; between diapers and daycare, taking care of a child is not a simple task and is certainly not easy on the wallet. Take into account the cost associated with student loans, and it's true that children are just plain expensive.
Luckily, the government understands this and offers parents certain tax credits and breaks that they can take advantage of during tax season. For example, there are many educational tax breaks for those who incur expenses like tuition and required fees.
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Best Tax Credits for Parents | Tax Year 2020 - Borshoff Consulting
Thank you to all the men and women who have served our great country. We salute you this Veteran's Day.
On the IRS Dirty Dozen list of tax scams: Scammers targeting individuals with limited English proficiency. These IRS impersonators and scammers are often threatening, especially phone scams. These are major threats to people with limited access to information, including individuals not entirely comfortable with the English language. You should ignore these threats and DO NOT engage the scammers. To learn more, click here: www.irs.gov/dirtydozen
IRS.GOV
Dirty Dozen | Internal Revenue Service
Tax Credit for the Elderly or Disabled | How to Take It https://borshoffconsulting.com/tax-credit-for-the-elderly-or-disabled-how-to-take-it/
The Tax Credit for the Elderly or Disabled was designed to help the nation's seniors and disabled taxpayers by reducing their tax bill by an amount up to $7,500. The great thing about this is that it falls under the category of tax credits rather than tax deductions. This means that it doesn't just reduce your taxable income; it may take up to $7,500 off your tax bill.
Your Individual Tax Identification Number may expire before you file a tax return in 2021. All ITINs not used on a federal tax return at least once in the last three years will expire on December 31, 2020.
Additionally, all ITINs issued before 2013 with middle digits of 88 will expire at the end of the year. For example: 9XX-88-XXXX.
Those with middle digits 90, 91, 92, 94, 95, 96, 97, 98 or 99, that were assigned before 2013 and have not already been renewed, will also expire at the end of this year.
If your ITIN is set to expire renew it now, click here to get started: www.irs.gov/itin
IRS.GOV
Individual Taxpayer Identification Number | Internal Revenue Service
As tempting or real as they may seem, don't click on links in posts or DMs pretending to be from the IRS. Check first that you are following the real IRS. To learn more about this scam and the other IRS Dirty Dozen tax scams, click here: www.irs.gov/dirtydozen
IRS.GOV
Dirty Dozen | Internal Revenue Service
What Documents are Needed for an IRS Audit? https://borshoffconsulting.com/what-documents-are-needed-for-an-irs-audit/
Are you wondering what documents are needed for an IRS audit? Is the thought of preparing for an IRS audit making your stomach turn? Realize that you are not alone in this feeling.
According to the Internal Revenue Service (IRS), in recent years, nearly one million Americans were audited, resulting in nearly 17.3 billion dollars in additional tax revenue. This includes all types of taxpayers (individual, businesses, and non-profit).
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What Documents are Needed for an IRS Audit? - Borshoff Consulting
Happy Thanksgiving from Borshoff Consulting!
Find out more about the Lifetime Learning Credit, which can help with education costs.
Find out more: https://www.irs.gov/credits-deductions/individuals/llc
IRS.GOV
LLC | Internal Revenue Service
Mileage Log | 7 Habits You Need to Adopt https://borshoffconsulting.com/mileage-log-7-habits-you-need-to-adopt/
What do you know about the importance and value of accurate mileage logs? At first glance, a mileage log may look like an ordinary document lacking value, but there's much more to it!
Think about the purpose behind a mileage log; often, business owners use mileage logs to calculate the amount of mileage reimbursement they owe their employees for business trip expenses incurred during business travels.
When preparing your documents for tax purposes, a mileage log is one piece of back-up you should maintain accurately. After all, you wouldn't want to walk into an audit unprepared, lacking the right documentation, would you?
In this article, we'll discuss the importance of tracking your mileage, the tips you need to know when tracking the business expenses you report in mileage logs, and the newest mileage rates, as released by the IRS.
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Mileage Log | 7 Habits You Need To Adopt | Borshoff Consulting
If you or a dependent are paying for higher education, you may qualify for the American Opportunity Tax Credit. This tax credit is:
• Worth a maximum benefit up to $2,500 per eligible student.
• Only for the first four years at an eligible college or vocational school.
• For students pursuing a degree or other recognized education credential.
• Partially refundable. This means if the credit brings the amount of tax owed to zero, 40 percent of any remaining amount of the credit, up to $1,000, is refundable.
To learn more, contact us today at (317) 846-1005 or visit us online at https://borshoffconsulting.com
These ITINs expire Dec. 31, 2020:
• ITINs not used on a federal tax return at least once in the last three years.
• ITINs issued before 2013 with middle digits of 88.
• Those with middle digits 90, 91, 92, 94, 95, 96, 97, 98 or 99, that were assigned before 2013 and have not already been renewed.
Contact us today on how to renew your ITIN. Give us a call today at (317) 846-1005.
If you are a victim of Hurrican Delta, you now have until February 21st 2021 to file various individual and business tax returns and tax payments. Click here to learn more:
IRS.GOV
IRS provides tax relief for victims of Hurricane Delta; Oct. 15 deadline, other dates extended to Feb. 16 | Internal Revenue Service
It's amazing how fast tax penalties and interest add up. Luckily, we offer several options when it comes to resolving unpaid taxes. Complete this form to get a Free Consultation with our tax specialist.
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Home | Borshoff Consulting | Indiana's Tax Expert
529 College Savings Plans | What Are the Tax Benefits https://borshoffconsulting.com/529-college-savings-plans-what-are-the-tax-benefits/
A 529 college savings plan is an excellent way to invest in a child's future. College costs are soaring, making it hard for people to pay for school for their children. The days of saving up for your future child's education are becoming more difficult because the cost of going to school keeps getting greater.
For this reason, many adults now find that they are in student loan debt, which typically lasts nearly a lifetime. This is a common occurrence for even those who didn't graduate with a degree! This is an unfortunate part of being an adult today.
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529 College Savings Plans | What Are The Tax Benefits | Borshoff Consulting
If you were affected by a disaster your tax deadlines might have changed. Click here to see if you qualify: www.irs.gov/disasters
IRS.GOV
Disaster Assistance and Emergency Relief for Individuals and Businesses | Internal Revenue Service
Watch this IRS video on how to recognize scams regarding economic impact payments. https://youtu.be/pEAMB_sYezs
YOUTUBE.COM
Avoiding Economic Impact Payment Scams
The Lifetime Learning Tax Credit | What You Should Know https://borshoffconsulting.com/the-lifetime-learning-tax-credit-what-you-should-know/
This tax credit is perfect for those who have incurred certain educational expenses like tuition. It gives taxpayers a chance to save some money on the taxes they may owe the IRS come tax season.
The Lifetime Learning Tax Credit (LLC) is a great credit to take if you do not qualify for the American Opportunity tax credit (AOTC). If you are eligible for it, the AOTC is the better option; it gives you more bang for your buck. The AOTC provides a greater amount of tax savings per dollar of educational expenses.
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The Lifetime Learning Tax Credit | What You Should Know | Borshoff Consulting
Merry Christmas from Borshoff Consulting!
Merry Christmas from Borshoff Consulting!
How to Best Track Your Income and Expenses!
https://loom.ly/sPMA7-U
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How To Best Track Your Income And Expenses | Borshoff Consulting
If you don't qualify for the IRS Offer In Compromise program, a Payment Plan may be the way to resolve your problem.
Click here to learn more!
https://loom.ly/PJseb9U
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Offer In Compromise | Borshoff Consulting
Happy New Year from your friends at Borshoff Consulting!
Do you know about The Adoption Tax Credit? Find out how to use it.
Adoption Tax Credit: Your Complete How-To Guide https://borshoffconsulting.com/adoption-tax-credit-your-complete-how-to-guide/
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Adoption Tax Credit: Your Complete How-To Guide | Borshoff Consulting
Did you get married this year? If so, congratulations! Follow this IRS checklist to make sure filing your taxes doesn't disrupt your newlywed bliss. Learn more, click here: https://go.usa.gov/xGKeM
IRS.GOV
A tax checklist for newly married couples | Internal Revenue Service
How to Best Track Your Income and Expenses https://borshoffconsulting.com/how-to-best-track-your-income-and-expenses/
We offer bookkeeping packages customized to your business' needs.
Contact us today to see how we can help you keep your business on track with bookkeeping services. Give us a call today (317) 846-1005.
If you think you made a mistake on your tax return, or need to make an adjustment on a return already filed, file an amended return using IRS Form 1040-X. You may need to file Form 1040-X if you reported certain items incorrectly on your original return, such as filing status, dependents, total income, deductions or credits. To learn more about why you may need to file an amended return, contact us today at (317) 846-1005.
What to Do if You Owe Money to the IRS https://borshoffconsulting.com/what-to-do-if-you-owe-money-to-the-irs/
When you file your annual taxes, you or your tax preparer may determine that you owe the IRS money if you have not paid enough taxes during the year.
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What To Do If You Owe Money To The IRS | Borshoff Consulting
The filing deadline for paying 2020 estimated taxes is January 15, 2021. Give us a call today (317) 846-1005 for help making this deadline!
Adoption Tax Credit: Your Complete How-To Guide https://borshoffconsulting.com/adoption-tax-credit-your-complete-how-to-guide/
The American Opportunity Tax Credit https://borshoffconsulting.com/the-american-opportunity-tax-credit/
With the rising cost of higher education, student loans now encompass the lives of those who have degrees. To help offset this cost, the government offers different education tax deductions and credits for qualified students enrolled in eligible degree programs or schools.
BORSHOFFCONSULTING.COM
The American Opportunity Tax Credit | Borshoff Consulting
The paid sick leave credit and paid family leave credit are available for eligible employers who pay qualified sick leave wages or qualified family leave wages during the COVID pandemic. To find out who qualifies and how to claim them, click here: https://www.irs.gov/coronavirus/new-employer-tax-credits
IRS.GOV
New Employer Tax Credits | Internal Revenue Service
Income ranges for determining eligibility to make deductible contributions to traditional IRAs, to contribute to Roth IRAs and to claim the Saver's Credit have all increased for 2021. To see how this may affect you, click here: https://go.usa.gov/x72gn
IRS.GOV
Income ranges for determining IRA eligibility change for 2021 | Internal Revenue Service
What to Do if You Owe Money to the IRS https://borshoffconsulting.com/what-to-do-if-you-owe-money-to-the-irs/
When you file your annual taxes, you or your tax preparer may determine that you owe the IRS money if you have not paid enough taxes during the year.
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What To Do If You Owe Money To The IRS | Borshoff Consulting
The filing deadline for paying 2020 estimated taxes is January 15, 2021. Give us a call today (317) 846-1005 for help making this deadline!
To find out more about how to keep good records for your business, click here:
IRS.GOV
Why should I keep records? | Internal Revenue Service
Starting in January, taxpayers may opt into the IRS Identity Protection (IP) PIN program. The IP PIN is a six-digit number assigned to eligible taxpayers to help prevent the misuse of their Social Security number on fraudulent federal income tax returns. An IP PIN helps the IRS verify a taxpayer's identity and accept their electronic or paper tax return. To learn more, click here: https://go.usa.gov/x7M5H
IRS.GOV
Identity Protection PIN Program will soon be available to taxpayers nationwide | Internal Revenue Service
If you own a small business, you should review the rules for filing two commonly-used employment tax returns. The two forms are:• Form 944• Form 941Remember these two forms are not interchangeable, you file one or the other. To learn more, click here: https://borshoffconsulting.com/
Here's how the CARES Act changes deducting charitable contributions made in 2020. Learn more @ https://go.usa.gov/x79jx
IRS.GOV
How the CARES Act changes deducting charitable contributions | Internal Revenue Service
The American Opportunity Tax Credit https://borshoffconsulting.com/the-american-opportunity-tax-credit/
With the rising cost of higher education, student loans now encompass the lives of those who have degrees. To help offset this cost, the government offers different education tax deductions and credits for qualified students enrolled in eligible degree programs or schools.
BORSHOFFCONSULTING.COM
The American Opportunity Tax Credit | Borshoff Consulting
The paid sick leave credit and paid family leave credit are available for eligible employers who pay qualified sick leave wages or qualified family leave wages during the COVID pandemic. To find out who qualifies and how to claim them, click here: https://www.irs.gov/coronavirus/new-employer-tax-credits
IRS.GOV
New Employer Tax Credits | Internal Revenue Service
Learn more about these rights and how they affect you here: www.irs.gov/taxpayer-bill-of-rights
IRS.GOV
Taxpayer Bill of Rights | Internal Revenue Service
Earned Income Tax Credit | What You Need to Know https://borshoffconsulting.com/earned-income-tax-credit-what-you-need-to-know/
The Earned Income Tax Credit (EITC) was created for low to moderate-income families. The more children you have, the greater the amount of the EITC is for you. You can claim this tax credit if you are childless, but you will not receive the same tax breaks, and the requirements for eligibility are stricter.
BORSHOFFCONSULTING.COM
Earned Income Tax Credit | What You Need To Know | Borshoff Consulting
To find out more about how to keep good records for your business, click here:
IRS.GOV
Why should I keep records? | Internal Revenue Service
Starting in January, taxpayers may opt into the IRS Identity Protection (IP) PIN program. The IP PIN is a six-digit number assigned to eligible taxpayers to help prevent the misuse of their Social Security number on fraudulent federal income tax returns. An IP PIN helps the IRS verify a taxpayer's identity and accept their electronic or paper tax return. To learn more, click here: https://go.usa.gov/x7M5H
IRS.GOV
Identity Protection PIN Program will soon be available to taxpayers nationwide | Internal Revenue Service
If you own a small business, you should review the rules for filing two commonly-used employment tax returns. The two forms are:• Form 944• Form 941Remember these two forms are not interchangeable, you file one or the other. To learn more, click here: https://borshoffconsulting.com/
Here's how the CARES Act changes deducting charitable contributions made in 2020. Learn more @ https://go.usa.gov/x79jx
IRS.GOV
How the CARES Act changes deducting charitable contributions | Internal Revenue Service
The IRS and the Security Summit remind charities that strong passwords can protect online accounts and digital devices from data theft. Learn how to get started: www.irs.gov/securitysummit
IRS.GOV
Security Summit | Internal Revenue Service
The Best Resident Energy-Efficient Tax Credit https://borshoffconsulting.com/the-best-resident-energy-efficient-tax-credit/
Have you made energy-saving upgrades in the past year? If you have, you may be eligible for a tax credit that can save you big time during tax season.
BORSHOFFCONSULTING.COM
The Best Resident Energy-Efficient Tax Credit | Borshoff Consulting
If you use part of your home for business, you may be able to deduct expenses for the business use of your home. The home office deduction is available for homeowners and renters and applies to all types of homes. To learn more call us at (317) 846-1005
Learn more about these rights and how they affect you here: www.irs.gov/taxpayer-bill-of-rights
IRS.GOV
Taxpayer Bill of Rights | Internal Revenue Service
Earned Income Tax Credit | What You Need to Know https://borshoffconsulting.com/earned-income-tax-credit-what-you-need-to-know/
The Earned Income Tax Credit (EITC) was created for low to moderate-income families. The more children you have, the greater the amount of the EITC is for you. You can claim this tax credit if you are childless, but you will not receive the same tax breaks, and the requirements for eligibility are stricter.
BORSHOFFCONSULTING.COM
Earned Income Tax Credit | What You Need To Know | Borshoff Consulting
To find out more about how to keep good records for your business, click here:
IRS.GOV
Why should I keep records? | Internal Revenue Service
The Additional Child Tax Credit https://borshoffconsulting.com/the-additional-child-tax-credit/
The Additional Child Tax Credit (ACTC) is a tax credit for taxpayers who get less than the full amount of the Child Tax Credit. This credit may give you a tax refund even if you don't owe any tax when you file your annual tax return.
BORSHOFFCONSULTING.COM
The Additional Child Tax Credit | Borshoff Consulting
Stay alert: IRS and Security Summit partners warn taxpayers of a new COVID-related text scam that tricks people into disclosing bank account information under the guise of receiving their Economic Impact Payment. See: https://go.usa.gov/x78at #COVIDreliefIRS
IRS.GOV
Security Summit partners warn taxpayers of new COVID-related text scam | Internal Revenue Service
Audits take significant time away from your business and family, requiring you to gather mounds of records substantiating each and every item reported on your tax return and develop a comprehensive understanding of tax law. If you've received an audit notice from the IRS, contact us today for a free consultation (317) 846-1005
The IRS and the Security Summit remind charities that strong passwords can protect online accounts and digital devices from data theft. Learn how to get started: www.irs.gov/securitysummit
IRS.GOV
Security Summit | Internal Revenue Service
The Best Resident Energy-Efficient Tax Credit https://borshoffconsulting.com/the-best-resident-energy-efficient-tax-credit/
Have you made energy-saving upgrades in the past year? If you have, you may be eligible for a tax credit that can save you big time during tax season.
BORSHOFFCONSULTING.COM
The Best Resident Energy-Efficient Tax Credit | Borshoff Consulting
If you use part of your home for business, you may be able to deduct expenses for the business use of your home. The home office deduction is available for homeowners and renters and applies to all types of homes. To learn more call us at (317) 846-1005
Today is the first day you can submit your 2020 tax returns. To make sure you receive your refund as soon as possible, contact us today at (317) 846-1005 for help filing.
COVID-19 Tax Changes | What You Need To Know https://borshoffconsulting.com/covid-19-tax-changes-what-you-need-to-know/
Because of the COVID-19 pandemic, the government has made several laws and adjustments to the IRS code. This helps American taxpayers who were adversely affected by the COVID-19 pandemic. It's a good idea to understand the efforts of the government to provide taxpayers with tax relief.
BORSHOFFCONSULTING.COM
COVID-19 Tax Changes | What You Need To Know | Borshoff Consulting
If you didn't receive your Economic Impact Payment, you might be able to claim it with your 2020 Federal income tax return. If you didn't receive a payment, or your payment was less than $1,200 ($2,400 if married filing jointly for 2019 or 2018) plus $500 for each qualifying child you had in 2020, you can claim the Recovery Rebate Credit.
To learn more, click here: www.irs.gov/eip
IRS.GOV
Economic Impact Payments | Internal Revenue Service
Prepare now for tax filing season so you can file your federal tax returns timely and accurately in 2021. Contact us today for your free consultation. (317) 846-1005
The Additional Child Tax Credit https://borshoffconsulting.com/the-additional-child-tax-credit/
The Additional Child Tax Credit (ACTC) is a tax credit for taxpayers who get less than the full amount of the Child Tax Credit. This credit may give you a tax refund even if you don't owe any tax when you file your annual tax return.
BORSHOFFCONSULTING.COM
The Additional Child Tax Credit | Borshoff Consulting
Stay alert: IRS and Security Summit partners warn taxpayers of a new COVID-related text scam that tricks people into disclosing bank account information under the guise of receiving their Economic Impact Payment. See: https://go.usa.gov/x78at #COVIDreliefIRS
IRS.GOV
Security Summit partners warn taxpayers of new COVID-related text scam | Internal Revenue Service
Sherry Borshoff was on Fox 59 discussing changes to this year's tax season due to Covid-19. We have the video included in a blog that talks all about the tax changes this year.
https://borshoffconsulting.com/covid-19-tax-changes-what-you-need-to-know/
Health Coverage Tax Credit https://borshoffconsulting.com/health-coverage-tax-credit/
The Health Coverage Tax Credit allows you to have 72.5% of your qualified health insurance coverage premiums to be paid directly to your health plan administrator on a monthly basis on your behalf. This tax credit was created to lower your out-of-pocket payments for monthly insurance premiums.
BORSHOFFCONSULTING.COM
Health Coverage Tax Credit | Borshoff Consulting
Catch Sherry Borshoff on Fox 59 Tonight at 10:00 pm. She was interviewed about new changes to your taxes due to Covid-19.
You can also check out her article about the same topic on her blog. https://borshoffconsulting.com/covid-19-tax-changes-what-you-need-to-know/
#tax #taxchanges #Covid-19
Did you know a name change can have an impact on your taxes? All the names on a taxpayer's tax return must match Social Security Administration records. A name mismatch can delay a tax refund. To learn more contact us today at (317) 846-1005.
Today is the first day you can submit your 2020 tax returns. To make sure you receive your refund as soon as possible, contact us today at (317) 846-1005 for help filing.
COVID-19 Tax Changes | What You Need To Know https://borshoffconsulting.com/covid-19-tax-changes-what-you-need-to-know/
Because of the COVID-19 pandemic, the government has made several laws and adjustments to the IRS code. This helps American taxpayers who were adversely affected by the COVID-19 pandemic. It's a good idea to understand the efforts of the government to provide taxpayers with tax relief.
BORSHOFFCONSULTING.COM
COVID-19 Tax Changes | What You Need To Know | Borshoff Consulting
Whether you're buying gifts or groceries, bones or balls…there are security risks when shopping online. Click here to find out how to protect your personal information: https://go.usa.gov/x7Amx
IRS.GOV
Tips to help people stay safe online | Internal Revenue Service
Building and preserving your personal wealth requires specialized attention. You get one-on-one guidance and a comprehensive tax planner that helps ensure that you are not paying more in taxes than absolutely necessary when you work with Borshoff Consulting. Contact us today for a free consultation. (317) 846-1005 borshoffconsulting.com
If you use part of your home for business, you may be able to deduct expenses for the business use of your home. The home office deduction is available for homeowners and renters and applies to all types of homes. To learn more call us at (317) 846-1005
You may qualify for the Recovery Rebate Credit when you file your 2020 taxes in 2021. To learn more, click here: www.irs.gov/eip
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Recovery Rebate Credits and Economic Impact Payments | Internal Revenue Service
Sherry Borshoff was on Fox 59 discussing changes to this year's tax season due to Covid-19. We have the video included in a blog that talks all about the tax changes this year.
https://borshoffconsulting.com/covid-19-tax-changes-what-you-need-to-know/
Health Coverage Tax Credit https://borshoffconsulting.com/health-coverage-tax-credit/
The Health Coverage Tax Credit allows you to have 72.5% of your qualified health insurance coverage premiums to be paid directly to your health plan administrator on a monthly basis on your behalf. This tax credit was created to lower your out-of-pocket payments for monthly insurance premiums.
BORSHOFFCONSULTING.COM
Health Coverage Tax Credit | Borshoff Consulting
You may be a new worker eligible for the Earned Income Tax Credit. Make sure you don't miss out! To learn if you are eligible for this tax credit call us at (317) 846-1005
Wondering how to figure out if your child, partner, roommate, or relative passes as a dependent when filing your taxes this year? Give us a call today to discuss your options! Call us at (317) 846-1005
Child and Dependent Care Tax Credit | What is It? https://borshoffconsulting.com/child-and-dependent-care-tax-credit-what-is-it/
The Child and Dependent Care Tax Credit is another great tax credit you should try to take advantage of (if you qualify).
BORSHOFFCONSULTING.COM
Child And Dependent Care Tax Credit | What Is It? | Borshoff Consulting
Whether you're buying gifts or groceries, bones or balls…there are security risks when shopping online. Click here to find out how to protect your personal information: https://go.usa.gov/x7Amx
IRS.GOV
Tips to help people stay safe online | Internal Revenue Service
Building and preserving your personal wealth requires specialized attention. You get one-on-one guidance and a comprehensive tax planner that helps ensure that you are not paying more in taxes than absolutely necessary when you work with Borshoff Consulting. Contact us today for a free consultation. (317) 846-1005 borshoffconsulting.com
If you use part of your home for business, you may be able to deduct expenses for the business use of your home. The home office deduction is available for homeowners and renters and applies to all types of homes. To learn more call us at (317) 846-1005
If you own a small business, you should review the rules for filing two commonly-used employment tax returns. The two forms are:• Form 944• Form 941Remember these two forms are not interchangeable, you file one or the other. To learn more, click here: https://borshoffconsulting.com/
BORSHOFFCONSULTING.COM
Home | Borshoff Consulting | Indiana's Tax Expert
The Child Tax Credit https://borshoffconsulting.com/the-child-tax-credit/
The Child and Dependent Care Tax Credit is another great tax credit you should try to take advantage of (if you qualify).
BORSHOFFCONSULTING.COM
The Child Tax Credit | Borshoff Consulting
Learn about the special tax resources are available for members of the military and their families:
www.irs.gov/military
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Military | Internal Revenue Service
You may be a new worker eligible for the Earned Income Tax Credit. Make sure you don't miss out! To learn if you are eligible for this tax credit call us at (317) 846-1005
Wondering how to figure out if your child, partner, roommate, or relative passes as a dependent when filing your taxes this year? Give us a call today to discuss your options! Call us at (317) 846-1005
Child and Dependent Care Tax Credit | What is It? https://borshoffconsulting.com/child-and-dependent-care-tax-credit-what-is-it/
The Child and Dependent Care Tax Credit is another great tax credit you should try to take advantage of (if you qualify).
BORSHOFFCONSULTING.COM
Child And Dependent Care Tax Credit | What Is It? | Borshoff Consulting
If you are caring for your parents or adult children, you may be eligible for a valuable tax credit. To see if you qualify to claim the Other Dependent Tax Credit call us today at (317) 846-100
What are Refundable Tax Credits https://borshoffconsulting.com/what-are-refundable-tax-credits/
The Child and Dependent Care Tax Credit is another great tax credit you should try to take advantage of (if you qualify).
BORSHOFFCONSULTING.COM
What Are Refundable Tax Credits | Borshoff Consulting
Stuck on your W-2s? Here are General Instructions for Forms W-2 and W-3 and what's new.
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General Instructions for Forms W-2 and W-3 (2021) | Internal Revenue Service
Did you file for unemployment in 2020? If so, you may have questions regarding your taxes. Contact us today to learn more about how this affects your taxes. Call us at (317) 846-1005
If you own a small business, you should review the rules for filing two commonly-used employment tax returns. The two forms are:• Form 944• Form 941Remember these two forms are not interchangeable, you file one or the other. To learn more, click here: https://borshoffconsulting.com/
BORSHOFFCONSULTING.COM
Home | Borshoff Consulting | Indiana's Tax Expert
The Child Tax Credit https://borshoffconsulting.com/the-child-tax-credit/
The Child and Dependent Care Tax Credit is another great tax credit you should try to take advantage of (if you qualify).
BORSHOFFCONSULTING.COM
The Child Tax Credit | Borshoff Consulting
We offer bookkeeping packages customized to your business' needs.
Contact us today to see how we can help you keep your business on track with bookkeeping services. Give us a call today (317) 846-1005.
Tax Credits | What You Need to Know When Filing https://borshoffconsulting.com/tax-credits-what-you-need-to-know-when-filing/
The Child and Dependent Care Tax Credit is another great tax credit you should try to take advantage of (if you qualify).
BORSHOFFCONSULTING.COM
Tax Credits | What You Need To Know When Filing | Borshoff Consulting
An IP PIN is a six-digit code that helps prevent identity thieves from filing fraudulent tax returns using your personally identifiable information. Sign up with the IRS at: www.irs.gov/ippin
IRS.GOV
Get An Identity Protection PIN | Internal Revenue Service
We are 1 month out from Tax Day! Are you filed and ready for your return? If not, we can help! Give us a call today (317) 846-1005 for help making this deadline!
If you are caring for your parents or adult children, you may be eligible for a valuable tax credit. To see if you qualify to claim the Other Dependent Tax Credit call us today at (317) 846-100
What are Refundable Tax Credits https://borshoffconsulting.com/what-are-refundable-tax-credits/
The Child and Dependent Care Tax Credit is another great tax credit you should try to take advantage of (if you qualify).
BORSHOFFCONSULTING.COM
What Are Refundable Tax Credits | Borshoff Consulting
Find out more about the Lifetime Learning Credit, which can help with education costs.
Find out more: https://www.irs.gov/credits-deductions/individuals/llc
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LLC | Internal Revenue Service
It's amazing how fast tax penalties and interest add up. Luckily, we offer several options when it comes to resolving unpaid taxes. Complete this form to get a Free Consultation with our tax specialist.
BORSHOFFCONSULTING.COM
Home | Borshoff Consulting | Indiana's Tax Expert
We offer bookkeeping packages customized to your business' needs.
Contact us today to see how we can help you keep your business on track with bookkeeping services. Give us a call today (317) 846-1005.
Tax Credits | What You Need to Know When Filing https://borshoffconsulting.com/tax-credits-what-you-need-to-know-when-filing/
The Child and Dependent Care Tax Credit is another great tax credit you should try to take advantage of (if you qualify).
BORSHOFFCONSULTING.COM
Tax Credits | What You Need To Know When Filing | Borshoff Consulting
An IP PIN is a six-digit code that helps prevent identity thieves from filing fraudulent tax returns using your personally identifiable information. Sign up with the IRS at: www.irs.gov/ippin
IRS.GOV
Get An Identity Protection PIN | Internal Revenue Service
We are 1 month out from Tax Day! Are you filed and ready for your return? If not, we can help! Give us a call today (317) 846-1005 for help making this deadline!
