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Unlocking the Benefits of Vehicle Donations for Your Clients
For many clients, donating a vehicle to a charitable organization provides a meaningful way to contribute to a cause while potentially securing a tax benefit. As a tax preparer, understanding the details of vehicle donation tax deductions is essential for maximizing value for your clients. Here’s what you need to...
The Ins and Outs of ABLE Accounts
Understanding ABLE accounts (Achieving a Better Life Experience) helps to provide informed guidance to your clients. ABLE accounts are a powerful financial tool for individuals with disabilities, offering tax advantages and flexibility while protecting eligibility for federal benefits. Here’s a comprehensive...
Beware of "Charitable LLCs" Tax Schemes
As a tax preparer, staying vigilant against fraudulent tax schemes is essential—not only for protecting your clients but also for maintaining your professional reputation. Recently, the IRS warned about abusive tax schemes marketed as "Charitable LLCs." These fraudulent arrangements often target high-income...
Tax Tips for Family Businesses: Hiring Family Members
When it comes to operating a family business, hiring family members can be a smart and rewarding decision. However, the tax rules for employing family members can differ significantly from those for non-family employees. As a tax preparer, understanding these nuances is essential to provide accurate guidance to your...
How to Consent to Circular 230 and Access Your Annual Filing Season Program Record of Completion
For tax professionals, staying compliant with the IRS and meeting annual requirements like consenting to Circular 230 is essential. Here’s a step-by-step guide from My Tax Courses Online to help you navigate this process seamlessly. Step 1: Log into Your PTIN Account To start, log in to your IRS PTIN...
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