What’s An Identity Protection PIN?

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 

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Educator Expense Deduction

The IRS wants to help educators. As a result they have given a special tax deduction to them. In this TaxAssurances YouTube video I walk viewers through who qualifies for the deduction and for how much.

Also, here’s a helpful IRS website that goes into further detail on how educators can deduct their out of pocket professional expenses on their tax return. https://www.irs.gov/taxtopics/tc458  

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How Do I Handle Investments on My Tax Return?

Tracking actual investment gains and losses is part of the tax preparation process. In this TaxAssurances YouTube video I walk viewer through what that looks like come tax season.

Also, here is a helpful link to the IRS website that further covers accounting for investment gains and losses come tax time. https://www.irs.gov/taxtopics/tc409 

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Charitable Donations

Can I deduct my donations on my taxes? It’s a question I get fairly frequently as a professional tax preparer. The answer is, it depends. In this TaxAssurances YouTube video I walk through how taxpayers can or cannot deduct the donations they make to different charitable organizations.

Also, here’s a helpful IRS website that goes over how taxpayers can potential take charitable donations as a deduction on their tax return. https://www.irs.gov/taxtopics/tc506 

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Is Any Of The Cash I Receive For Work I Do Taxable?

Assuming that any cash only income is more than the standard deduction, it is taxable.

Also, here is a helpful IRS website that explains the reporting requirements around cash based income. https://www.irs.gov/newsroom/heres-what-people-should-know-about-reporting-cash-payments

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Taxes And Gambling

Any money that people win from gambling is taxable.

In this TaxAssurances YouTube video, I walk through how one of my tax clients accounted for his gambling winnings on the tax return we prepared together and how he was able to use his gambling losses as a tax benefit on that same return.

Also, here’s a helpful link to the IRS website that summarizes how to account for gambling winnings and losses. https://www.irs.gov/taxtopics/tc419 

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How Can a Married Spouse File Head of Household?

For a number of reasons some married couples want to file their tax returns separately. Usually that means they have to file their individual tax returns as “married filing separately.” Unfortunately, filing that way causes them to lose certain valuable tax credits.

However, there is a way they can file as “Head of Household” and keep those credits. In this TaxAssurances YouTube video I walk through those options.

Also, here is a helpful IRS website that provides more guidance for couples that want to file their tax returns separately but still keep valuable tax credits: https://www.irs.gov/publications/p504#en_US_2019_publink1000175861

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Tax Deductible Business Travel

Business owners can deduct the expense of their business related travel. In this TaxAssurances YouTube video I talk about ways business owners can deduct the expense of business travel.

Also, here’s a helpful IRS video on tax deductible business travel: https://www.irs.gov/taxtopics/tc511 

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How Can Small Business Owners Keep Good Records?

Good record keeping should be at the center of any business. In this TaxAssurances YouTube video I offer suggestions on how business owners can keep good financial records for their business.

Also, here’s a helpful IRS website that provides guidance on how business can keep good records: https://www.irs.gov/businesses/small-businesses-self-employed/recordkeeping

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