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 14, 2020 | Amusement, Holidays
Valentine’s Day and a Birthday If you are ever stuck on what to get your partner for the big day, getting your taxes in order may not sound that romantic, but it sure does take off some stress; so you can focus on each other during Valentine’s day. At the...
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....
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