by Andrews Tax Accounting & Bookkeeping | Mar 4, 2020 | Educational
What Are Tax Credits? Tax credits are used to offset what you may owe in taxes. There are two types of these credits. Nonrefundable Credits Nonrefundable credits offset your tax bill and can go as far as getting you a refund. But your refund can only be as much as you...
by Andrews Tax Accounting & Bookkeeping | Feb 26, 2020 | Educational
Defining IRA An IRA is a way to invest in your future and save for your retirement. There are four main IRAs all with different advantages. Four Different IRAs Contributions to a traditional individual retirement account are usually tax-deductible. When you take money...
by Andrews Tax Accounting & Bookkeeping | Feb 19, 2020 | Educational
Tax Season Every tax season, taxpayers file a multitude of forms to disclose various avenues of income, expenses and other financial data. There are so many, so let’s look at the most common ones. Form 1040 This form is used by taxpayers to file an annual income tax...
by Andrews Tax Accounting & Bookkeeping | Feb 12, 2020 | Educational
Gift Taxes and the Oscars A gift tax is a tax on the market value of a gift which can be a physical object, money or property. Additionally, the giver of the gift must give the gift with no hopes of getting anything in return except of course a “thank you” hopefully....
by Andrews Tax Accounting & Bookkeeping | Feb 5, 2020 | Educational
Should You Use TurboTax or Another Filing Software For Your Taxes? It depends. People with relatively simple returns should use free filing software because, at the end of the day, it will save them money. On the other hand, many people with simple returns find the...
by Andrews Tax Accounting & Bookkeeping | Jan 29, 2020 | Educational
The Beginning of Tax Season and Your Tax Refund Tax season opened Monday, January 27th. The best way to get your refund the fastest is by filing electronically and going for direct deposit. Filing by paper takes longer because the IRS has to process the paperwork...
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