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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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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How 401k Contributions Help During Tax Season

401k plans are a great way to help reduce a taxpayer’s taxes. In this TaxAssurances YouTube video I give an example of how that works for an individual making $50,000 per year.

Also, here’s a helpful IRS website that provides more information on 401ks and how they help reduce a taxpayer’s tax liability. https://www.irs.gov/retirement-plans/plan-participant-employee/401k-resource-guide-plan-participants-401k-plan-overview 

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You Cannot Deduct Your Commuting Expenses

SONY DSCEvery so often during tax season I get a client that wants to deduct the expense of going back and forth to work on their taxes. They cannot do it. Here is what the IRS says about it:

“You cannot deduct the costs of taking a bus, trolley, subway, or taxi, or of driving a car between your home and your main or regular place of work. These costs are personal commuting expenses. You cannot deduct commuting expenses no matter how far your home is from your regular place of work. You cannot deduct commuting expenses even if you work during the commuting trip.

Example. You sometimes use your cell phone to make business calls while commuting to and from work. Sometimes business associates ride with you to and from work, and you have a business discussion in the car. These activities do not change the trip from personal to business. You cannot deduct your commuting expenses.”

 

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