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What to Know About Summer Jobs and Teen Taxes

May 23, 2019 4:03 AM

Many parents of teenagers can wonder how (or whether) their teen's first job will affect their income taxes. Are they on the hook for taxes owed if the teen is claimed as a dependent? What happens if the teenager doesn't file a tax return? Read on for answers to some common questions parents may have about teen wage...

In 2019, It's All About Tax Withholding

May 16, 2019 5:50 AM

Many taxpayers were surprised to learn that their 2018 income tax withholdings didn't cover as much of their outstanding tax obligations as they'd expected. Instead of getting hefty refunds, some taxpayers got much more modest ones; others wound up wincing as they wrote checks to the IRS. Criticism for these...

Helping Clients Avoid Two Common Tax Prep Scams

May 9, 2019 8:07 AM

Even the most loyal tax clients can be vulnerable to advertisements or solicitations that promise to save them money on tax preparation services. After all, who wants to pay more for a service than they have to? But unfortunately, many of these “too good to be true” ads are just that—and for many victims, by...

High-State-Tax Taxpayers May Still Want to Itemize

May 2, 2019 4:36 AM

Many taxpayers who live or work in states with high state income taxes let out a collective groan of frustration upon learning they would be limited to a $10,000 state and local tax (SALT) deduction after 2018. But even though the SALT deduction limits the tax benefit of living in a high-tax state, taxpayers could...

Educating Clients on Optimizing Their Income Bracket

April 25, 2019 4:48 AM

This year, millions of U.S. taxpayers will learn just how much of an impact the Tax Cuts and Jobs Act (TCJA) had on their income tax liability. But the change in tax brackets has highlighted a misunderstanding many taxpayers hold—that their highest tax bracket controls how all their income is taxed. Knowing how...