Taxes & Handling Retirement Rollovers

Handling retirement rollovers for some people can be a challenge. In this TaxAssurances video I give a quick overview on how individuals can handle it in a tax advantaged way.

Also, here is a helpful IRS site that explains how retirement rollovers are handled. https://www.irs.gov/help/ita/do-i-need-to-report-the-transfer-or-rollover-of-an-ira-or-retirement-plan-on-my-tax-return

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Tax Filing Help: Accounting for Royalty Income

Royalty income is taxable income. In this TaxAssurances video I briefly walk through how to account for it on a tax return.

Also, here’s a helpful IRS website that provides more information about taxable royalties. https://www.irs.gov/businesses/small-businesses-self-employed/what-is-taxable-and-nontaxable-income

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Deducting Education Credits on Tax Returns

Every year individuals across the country enroll in college and grad school. What many of them may not realize is that the cost of their schooling may be tax deductible. In this TaxAssurances video I provide a brief overview of how they can take advantage of their educational expenses on their tax return.

Also, here’s a helpful IRS website that provides more helpful information on deducting education credits on a tax return. https://www.irs.gov/credits-deductions/individuals/education-credits-aotc-llc#:~:text=An%20education%20credit%20helps%20with,lifetime%20learning%20credit%20(LLC).

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews. New Rochelle taxes and tax help done professionally. Visit https://taxassurances.com/

Joe Biden and Kamala Harris Release Their 2019 Tax Returns

Presidential candidate Joe Biden and Vice Presidential candidate Kamala Harris today released copies of their 2019 tax returns.

Here are their income tax filings:

Joe Biden

Kamala Harris

Here are a few highlights:

  • Joe Biden and his wife received total income of $985,233
  • Joe Biden and his wife paid $299,346 in taxes
  • Joe Biden and his wife had charitable donations totaling $14,700
  • Kamala Harris and her husband received total income of $3,277,617
  • Kamala Harris and her husband paid in taxes $1,185,628
  • Kamala Harris and her husband had charitable donations totaling $35,390

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews. New Rochelle taxes and tax help done professionally. Visit https://taxassurances.com/

Deducting Mortgage Interest & PMI on a Tax Return

One of the big advantages of being a homeowner is having the ability to potentially deduct the mortgage interest and the mortgage insurance premiums on a tax return. In this brief TaxAssurances video I give an overview of how a homeowner can potentially deduct the interest and mortgage insurance they pay on their tax return.

Also, here is a helpful IRS website that provides more information about deducting mortgage interest on a tax return. https://www.irs.gov/publications/p936

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews. New Rochelle taxes and tax help done professionally. Visit https://taxassurances.com/

Tax Filing Help With Unemployment Income

Every year, a number of taxpayers collect unemployment income. Unfortunately, many don’t think that income is taxable. It is. Every dollar of it. Here is a quick TaxAssurances video about it.

Because unemployment income is taxable, taxpayers want to make sure they take out enough in taxes. Meaning, if you and your spouse file taxes together and you know that you’re in the 20% tax bracket, you want to have 20% taken out of every unemployment check you receive. That way you don’t get a surprise tax bill when it comes tax time.

So if you receive unemployment income, make sure you have the correct amount in taxes taken out.

Here’s what the IRS says about collecting unemployment income and paying taxes on it. https://www.irs.gov/individuals/employees/unemployment-compensation

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What Types of Business Tax Returns Are There?

Every year, business owners are required to file a tax return. In this quick video, TaxAssurances owner Kolonji Murray breaks down what type of return needs to be filed with the many different types of business entities that exist.

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews. New Rochelle taxes and tax help done professionally. Visit https://taxassurances.com/

As a Business Owner, How Can I Prepare for a Tax Audit?

Individuals and businesses often worry about an audit. In this TaxAssurances video, TaxAssurances owner Kolonji Murray offers his thoughts on the best way to prepare for an audit.

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews. New Rochelle taxes and tax help done professionally. Visit https://taxassurances.com/

Why Do You Need An Identity Protection PIN on Your Tax Return?

Unfortunately, many taxpayers have become the victim of identity theft. In this TaxAssurances’ YouTube video I briefly walk through how the IRS deals with identity theft and tax returns.

Also, here’s a helpful IRS website that goes into further detail about how they handle identity theft and tax returns. https://www.irs.gov/identity-theft-fraud-scams/frequently-asked-questions-about-the-identity-protection-personal-identification-number-ip-pin

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I Need To Fix My Tax Return

Mistakes happen. Even when it comes to preparing tax returns. In this TaxAssurances’ YouTube video I walk through how corrections are made to tax returns that have already been sent to the IRS.

Also, here is a helpful IRS website that goes into further detail into how to make corrections to a tax return that has already been submitted. https://www.irs.gov/taxtopics/tc308 

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews. New Rochelle taxes and tax help done professionally. Visit https://taxassurances.com/