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# Nickel & Dime Bookkeeping, Inc.

Bookkeeping, Payroll,  & Tax Preparation

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## Posts

- [Types of major life events and how they can affect filing](https://nickelanddimebookkeeping.com/types-of-major-life-events-and-how-they-can-affect-filing/) - There are several kinds of major life events that can affect a taxpayer’s filing requirements, tax benefits and withholding. It could be marriage, welcoming a new child, divorce, or loss of a loved one- all of these can impact their tax situation. Here are some common life events and an overview of their effects. MarriageGetting
- [Eligible taxpayers may receive automatic penalty relief](https://nickelanddimebookkeeping.com/eligible-taxpayers-may-receive-automatic-penalty-relief/) - Taxpayers with a history of filing and paying on time may now have an easier path to receive penalty relief. This summer, the IRS’s new Automatic Exemption from Penalty or AEP will replace the long-standing First Time Abate administrative relief. AEP is designed to eliminate the need to contact the IRS to request relief and
- [Important steps for future business owners](https://nickelanddimebookkeeping.com/important-steps-for-future-business-owners/) - Thinking of starting a business? One of the most important first steps for new entrepreneurs and future business owners is to ensure the right business structure is chosen. That’s not all though, there’re a few other tips and best practices for those starting out. Let’s take a look. Choose a business structureEach business structure has different tax
- [Marriage means making changes before next filing season](https://nickelanddimebookkeeping.com/marriage-means-making-changes-before-next-filing-season/) - Marriage is an exciting milestone, but it can also affect a couple's tax situation. Here are some simple steps after the wedding that can help make filing next year's tax return easier. Report a name changeIf either person changes their name, it should be reported to the Social Security Administration prior to filing a tax return. The
- [Mid-year is the perfect time for a quick tax check ](https://nickelanddimebookkeeping.com/mid-year-is-the-perfect-time-for-a-quick-tax-check/) - It’s halfway through the year, which is a great time for taxpayers to do a quick check to make sure they’re on a smooth track to next filing season. Here are some tips: Keep good tax records. Taxpayers should keep all important tax records in one place. They can use electronic recordkeeping software or clearly labeled
- [It’s not too early to start planning for next year](https://nickelanddimebookkeeping.com/its-not-too-early-to-start-planning-for-next-year/) - Even though the tax filing deadline for tax year 2025 passed a couple weeks ago, it’s not too early to start planning for next filing season. Planning now can help taxpayers avoid surprises next year. One action that can be taken is checking for proper tax withholding. What is withholding?Taxpayers need to pay their tax
- [Filing tips and updates for gig economy workers](https://nickelanddimebookkeeping.com/filing-tips-and-updates-for-gig-economy-workers/) - ig economy workers can reduce their tax bill and keep more of their income, because of provisions in the One, Big, Beautiful Bill. What is gig economy?The gig economy is an activity where people earn income for on-demand work, services or goods. Often, it’s through a digital platform like an app or website. Some examples include
- [Put a plan in place for potential disasters](https://nickelanddimebookkeeping.com/put-a-plan-in-place-for-potential-disasters/) - Hurricane season officially started at the beginning of the month, but they aren’t the only type of disaster that can occur. Taxpayers are encouraged to take steps now to ensure they’re prepared in case they are impacted by a disaster or emergency.Review and update emergency preparedness plan annuallyTaxpayers should review their emergency preparedness plan, at
- [When and how to amend a tax return](https://nickelanddimebookkeeping.com/when-and-how-to-amend-a-tax-return/) - Taxpayers who discover an error after filing a federal tax return may need to file an amended return. There are some instances where an amended return isn’t required such as when the IRS corrects errors during processing or requests missing forms or schedules separately. Reasons to file an amended returnIf there are changes to key
- [Tax benefits for parents and families](https://nickelanddimebookkeeping.com/tax-benefits-for-parents-and-families/) - Parents and families may be eligible for one or more available tax credits that could reduce their tax bill. Each credit has different eligibility criteria. The first step is ensuring each child has a social security number. To qualify for any of the various credits, the child and taxpayer must have a valid social security
- [Summer fun has begun: How common activities could impact the next tax return ](https://nickelanddimebookkeeping.com/summer-fun-has-begun-how-common-activities-could-impact-the-next-tax-return/) - Summer hasn’t officially started, but summertime events and happenings certainly have. Most people aren’t thinking about taxes when there’s summer fun to be had, but there’s some common activities that could impact taxpayers in the next filing season. Let’s look at a few. Summer day campIf a taxpayer is sending a child to summer day
- [Be informed, not fooled by ghost preparers and tax credit scams](https://nickelanddimebookkeeping.com/be-informed-not-fooled-by-ghost-preparers-and-tax-credit-scams/) - The tax filing season is coming to an end in a couple of weeks, but that doesn’t mean scammers and schemers take a break. Here’s a couple more things from the recently released Dirty Dozen, that taxpayers should be mindful of. Ghost preparersTaxpayers should choose their tax professional wisely. Paid preparers must sign and include a valid Preparer
- [Options for taxpayers who need help paying their tax bill](https://nickelanddimebookkeeping.com/options-for-taxpayers-who-need-help-paying-their-tax-bill/) - The filing and payment deadline for most 2025 federal tax returns is April 15, 2026. There are exceptions for taxpayers in a disaster area, combat zone or living and working abroad. Taxpayers who can’t pay their tax bill by the deadline shouldn't panic – the IRS offers a variety of options to help taxpayers meet their obligations. Those struggling
- [Got mail from the IRS? Don’t toss it](https://nickelanddimebookkeeping.com/got-mail-from-the-irs-dont-toss-it/) - Some taxpayers may get mail from the IRS. It’s important that they open any mail they receive and read it carefully. Most letters or notices are about federal tax returns or tax accounts. Each notice will outline the specific issue and include steps the taxpayer needs to take. A notice may reference changes to a taxpayer's
- [National Small Business Week 2026: Avoid the scam](https://nickelanddimebookkeeping.com/national-small-business-week-2026-avoid-the-scam/) - It’s National Small Business Week, and the IRS is sharing resources and highlighting key topics each day throughout the week. One of those topics is scams. Back in March, the annual Dirty Dozen list of common tax scams was announced. These scams and schemes target taxpayers, businesses of all sizes and tax professionals. Let’s look at a couple
- [Tax return filed: Here are ways to check the status of a tax refund](https://nickelanddimebookkeeping.com/tax-return-filed-here-are-ways-to-check-the-status-of-a-tax-refund/) - Taxpayers who filed their federal tax returns and are owed a refund may be wondering about the status. There are several options for people to check. A new feature in Individual Online Account lets taxpayers opt in to receive email notifications when there’s an update to their refund status. Taxpayers still have the option to check their refund status
- [Actions taxpayers should take if they missed April filing and payment deadline ](https://nickelanddimebookkeeping.com/actions-taxpayers-should-take-if-they-missed-april-filing-and-payment-deadline/) - Taxpayers who missed the April 15 filing deadline should submit their federal tax return as soon as possible. Those who missed the deadline to file and owe taxes should file as soon as possible to avoid penalties and interest.Requesting an extension allows for additional time to file but not to pay taxes owed. Interest and penalties will
- [Tax credits and deductions for education](https://nickelanddimebookkeeping.com/tax-credits-and-deductions-for-education/) - The costs for continuing education can add up quickly and get expensive. There are several tax benefits such as credits and deductions that can help eligible taxpayers reduce these costs. A tax credit reduces the amount a person owes in income taxes dollar-for-dollar. Let’s look at a few of the most common ones. Education tax
- [A deeper dive into the Dirty Dozen: Taxpayers stay alert in peak filing season](https://nickelanddimebookkeeping.com/a-deeper-dive-into-the-dirty-dozen-taxpayers-stay-alert-in-peak-filing-season/) - Every year the IRS announces a list of top tax scams that threaten the tax and financial information of taxpayers, businesses, and tax professionals. It’s called the Dirty Dozen, which is part of a broader Security Summit campaign. Over the coming weeks, we’ll be breaking down these top 12 scams and schemes. Unfortunately, scams can happen anytime, but
- [IRS Individual Online Accounts: An easy tool for taxpayers](https://nickelanddimebookkeeping.com/irs-individual-online-accounts-an-easy-tool-for-taxpayers/) - The IRS continues to take steps towards transforming the taxpayer experience in several ways. All taxpayers are encouraged to create an IRS Individual Online Account. While this is not a new tool, users are able to access their tax account information securely online and to help protect against identity theft and fraud. Anyone who can verify
- [New and enhanced deductions for individuals](https://nickelanddimebookkeeping.com/new-and-enhanced-deductions-for-individuals/) - There are several new tax deductions that have been introduced for the 2026 filing season. A deduction is an amount subtracted from the taxpayer’s income when filing. Deductions lower the taxable income resulting in lowering the federal income tax obligation. New deductions for 2026 filing season Seniors age 65 and older may be eligible to
- [Common tax return mistakes to avoid](https://nickelanddimebookkeeping.com/common-tax-return-mistakes-to-avoid/) - Mistakes and errors can happen, but most are easily avoidable when it comes to filing federal income tax returns. Taxpayers are encouraged to review their entire return before filing to make sure it is correct and complete. This is the case even if someone else prepared it, because ultimately, it’s the taxpayer’s responsibility to ensure
- [2026 filing season updates and resources for seniors](https://nickelanddimebookkeeping.com/2026-filing-season-updates-and-resources-for-seniors/) - There are some changes for the 2026 tax filing season that people who are 65 years of age and older should be aware of. The most recent being the enhanced deduction for seniors, which is a provision of the One, Big, Beautiful Bill. The IRS is sharing what’s new, as well as some reminders specifically for
- [Here’s what taxpayers should consider when determining if they need to file](https://nickelanddimebookkeeping.com/__trashed/) - As people prepare to file their taxes, there are things to consider. They will want to determine if they need to file and the best way to do so. For tax year 2018, all individual taxpayers will file using the new Form 1040. Forms 1040A and 1040EZ are no longer available. Taxpayers who previously filed
- [Tax credits for individuals](https://nickelanddimebookkeeping.com/tax-credits-for-individuals/) - A tax credit reduces the amount a person owes in income taxes dollar-for-dollar. Some tax credits are even refundable, meaning if a person's tax bill is less than the amount of a refundable credit, they can get the difference back in their refund. The One, Big, Beautiful Bill has brought enhancements to some of these credits. Here’s
- [Ways to help and what to look out for when donating after a disaster](https://nickelanddimebookkeeping.com/ways-to-help-and-what-to-look-out-for-when-donating-after-a-disaster/) - Disasters can happen anytime, anywhere and everyone should take steps to be prepared for the next potential disaster. Frequently, in the aftermath of a disaster, there is an uptick in scams directed at both survivors and people wanting to help. There are many ways to help, but the easiest way is to make a monetary
- [Individual retirement accounts offer benefits now and in the future](https://nickelanddimebookkeeping.com/individual-retirement-accounts-offer-benefits-now-and-in-the-future/) - Planning for retirement may seem daunting, but it’s important to start early. Individual retirement accounts provide tax incentives for people to make investments towards their financial future. IRAs let earnings grow tax deferred. Individuals pay taxes on investment gains only when they make withdrawals. Depositors may be able to claim a deduction on their individual federal income
- [Reminders for taxpayers about digital assets](https://nickelanddimebookkeeping.com/reminders-for-taxpayers-about-digital-assets/) - Taxpayers are starting to receive their 2025 tax documents, such as W-2s, Forms 1099 or other income documents. People who sold or disposed of digital assets using a broker might receive a new Form 1099-DA from those brokers. Examples of digital assets include Convertible virtual currencies and cryptocurrencies such as Bitcoin Stablecoins Nonfungible tokens Brokers
- [Employers may help with college expenses through educational assistance programs](https://nickelanddimebookkeeping.com/employers-may-help-with-college-expenses-through-educational-assistance-programs/) - Employers can continue to use educational assistance programs to help employees with undergraduate or graduate-level student loan debt and other education expenses tax-free. Eligible expensesEducational assistance programs can help pay for: Books Equipment Supplies Tuition and other fees Qualified education loans Loan paymentsThese programs can be used to pay principal and interest on an employee's
- [Out-of-pocket classroom costs could be offset with Educator Expense Deduction](https://nickelanddimebookkeeping.com/out-of-pocket-classroom-costs-could-be-offset-with-educator-expense-deduction/) - It’s back to school season, and with that comes potential out-of-pockets costs for educators. The Educator Expense Deduction lets eligible teachers and administrators deduct certain expenses from their taxes. Eligible educatorsThe taxpayer must be a kindergarten through grade 12 teacher, instructor, counselor, principal or aide and work at least 900 hours a school year in
- [Earned Income Tax Credit: A valuable credit that supports millions of families](https://nickelanddimebookkeeping.com/earned-income-tax-credit-a-valuable-credit-that-supports-millions-of-families/) - The Earned Income Tax Credit helps communities by supporting hard working low to moderate income families. The EITC helps millions of eligible workers and families each year by reducing the amount of taxes owed and possibly increasing a refund. It’s estimated that about one in five taxpayers who are eligible for EITC don’t claim this valuable credit.
- [IRS Online Account and identity protection PINs protect against fraudsters](https://nickelanddimebookkeeping.com/irs-online-account-and-identity-protection-pins-protect-against-fraudsters/) - IRS identity protection PINs, or IP PINs, are a vital tool to protect taxpayers from fraudsters trying to steal personal and financial information. Taxpayers are encouraged to establish an IRS Online Account and request an IP PIN. Important things to know about an IP PIN Anyone with an SSN or an ITIN can get an IP PIN
- [Summer activities that could impact next year’s tax return](https://nickelanddimebookkeeping.com/summer-activities-that-could-impact-next-years-tax-return/) - Summer is a time for fun but it’s never the wrong time to be thinking about taxes – and some summer activities could have an impact. Here are a few summertime activities and tips on how taxpayers should consider them for tax season. MarriageWedding season is upon us, and newlyweds can make their tax filing
- [Enhanced tax incentives for Qualified Opportunity Zone investments in rural areas](https://nickelanddimebookkeeping.com/enhanced-tax-incentives-for-qualified-opportunity-zone-investments-in-rural-areas/) - Recent changes to Qualified Opportunity Zones enhance tax incentives for taxpayers who invest in rural areas. Investments in QOZs ultimately help improve economic growth and job creation in these communities. Under the One, Big, Beautiful Bill, there are two important changes. What’s new for Qualified Opportunity Zones A rural area is now defined as any
- [One, Big, Beautiful Bill: How to take advantage of no tax on tips and overtime](https://nickelanddimebookkeeping.com/one-big-beautiful-bill-how-to-take-advantage-of-no-tax-on-tips-and-overtime/) - The One, Big, Beautiful Bill has a significant effect on federal taxes, credits and deductions. Millions of taxpayers reported earning tips and overtime on their tax returns, many of them are veterans and people working in lower wage jobs. This relief will impact most of these taxpayers and they can start taking advantage of the deduction this
- [A change in marital status affects tax filing](https://nickelanddimebookkeeping.com/a-change-in-marital-status-affects-tax-filing/) - A change in a couple’s marital status, such as a separation or divorce, affects their tax situation. The IRS considers a couple married, for tax filing purposes, until they get a final decree of divorce or separate maintenance. Update tax withholdingWhen a taxpayer divorces or separates, a new Form W-4, Employee's Withholding Certificate should be provided to
- [Ways to tell if the IRS is reaching out or if it’s a scammer](https://nickelanddimebookkeeping.com/ways-to-tell-if-the-irs-is-reaching-out-or-if-its-a-scammer/) - Identity thieves can prey on anyone, at any time. Here’s some helpful tips for taxpayers to know when it’s really the IRS or not. Email, text and social media The IRS doesn’t make initial contact through email or social media channels. Some common electronic scams thieves use are: Sending phishing emails to taxpayers Posing as an IRS
- [Next steps to Get Ready for 2026 tax filing season](https://nickelanddimebookkeeping.com/next-steps-to-get-ready-for-2026-tax-filing-season/) - Monday, Jan. 26, 2026, is opening day for the 2026 tax filing season. This is when taxpayers can begin filing their 2025 federal tax returns. Here are a few simple steps taxpayers can take now to prepare for filing: Create or access their IRS Individual Online AccountIRS Individual Online Accounts are available 24/7, to view account information,
- [When preparing to file taxes, keep an eye out for scams](https://nickelanddimebookkeeping.com/when-preparing-to-file-taxes-keep-an-eye-out-for-scams/) - It’s a new year and tax season is around the corner. Tax season is a busy time for criminals too as they ramp up efforts to trick people into sharing sensitive personal information. Identity thieves might use this information to try filing false tax returns and stealing refunds. The IRS and Security Summit partners want taxpayers, tax
- [Help to decide between a hobby or business](https://nickelanddimebookkeeping.com/help-to-decide-between-a-hobby-or-business/) - Hobbies and businesses are treated differently when it comes to filing taxes. The biggest difference between the two is that businesses operate to make a profit while hobbies are for pleasure or recreation. Either way, if they are paid through payment apps for goods and services during the year, they may receive an IRS Form
- [Year-round tax planning tips for taxpayers](https://nickelanddimebookkeeping.com/year-round-tax-planning-tips-for-taxpayers/) - Here are some simple things taxpayers can do throughout the year to make next filing season less stressful. Organize tax records. Create a system that keeps all important information together. Taxpayers can use a software program for electronic recordkeeping or store paper documents in clearly labeled folders. They should add tax records to their files
- [The Taxpayer Bill of Rights: Providing fundamental protection for all taxpayers](https://nickelanddimebookkeeping.com/the-taxpayer-bill-of-rights-providing-fundamental-protection-for-all-taxpayers/) - By law, all taxpayers have fundamental rights when they're interacting with the IRS. It's important that all taxpayers know and understand their rights. The Taxpayer Bill of Rights presents these rights in 10 categories. Here's an overview of these rights. For full official details about each right, click the links below. The right to be informedTaxpayers have
- [Reminder to businesses: The employer-provided Childcare Tax Credit is worth up to $150,000](https://nickelanddimebookkeeping.com/reminder-to-businesses-the-employer-provided-childcare-tax-credit-is-worth-up-to-150000/) - The employer-provided Childcare Tax Credit is an incentive for businesses to provide childcare services to their employees. About the tax creditThis tax credit helps employers cover some costs for childcare resource and referral and for a qualified childcare facility. A qualified childcare facility is one that meets the requirements of all laws and regulations of
- [People paying disability-related expenses consider an ABLE savings account and Saver’s Credit](https://nickelanddimebookkeeping.com/people-paying-disability-related-expenses-consider-an-able-savings-account-and-savers-credit/) - People with disabilities and their families can use Achieving a Better Life Experience accounts to help pay for qualified disability-related expenses. ABLE accounts are savings accounts that don't affect eligibility for government assistance programs. Here are some key things people should know about these accounts. Contribution limitThe contribution limit for 2025 is $19,000. Certain employed ABLE account
- [Potential tax benefits for homeowners](https://nickelanddimebookkeeping.com/potential-tax-benefits-for-homeowners/) - Owning a home costs money, but there are tax benefits available to help homeowners save on some of common costs of homeownership. Homeowners should review the tax deductions, programs and housing allowances to see if they are eligible. Deductible house-related expensesMost home buyers take out a mortgage to buy their home and make monthly payments
- [Improvements to the Adoption Tax Credit make adoption more affordable](https://nickelanddimebookkeeping.com/improvements-to-the-adoption-tax-credit-make-adoption-more-affordable/) - Taxpayers who finalized an adoption in 2025 or started the adoption process before 2025, may qualify for the Adoption Tax Credit. Additionally, there have been significant changes to the tax credit under the One, Big, Beautiful Bill.Here’s an overview of the credit and eligibility, including the recent changes:The credit can be claimed for eligible expenses
- [Tips on Travel While Giving to Charity](https://nickelanddimebookkeeping.com/__trashed-5__trashed/) - Do you plan to donate your services to charity this summer? Will you travel as part of the service? If so, some travel expenses may help lower your taxes when you file your tax return next year. Here are five tax tips you should know if you travel while giving your services to charity. 1. You
- [Tax checklist for newlyweds](https://nickelanddimebookkeeping.com/tax-checklist-for-newlyweds/) - Summertime is common time for wedding bells to ring, and newlyweds can make their tax filing easier by doing a few things now. A taxpayer's marital status as of December 31 determines their tax filing options for the entire year, but that's not all newlyweds need to know. Report a name changeReport any name changes
- [Mediation can help taxpayers resolve tax issues](https://nickelanddimebookkeeping.com/mediation-can-help-taxpayers-resolve-tax-issues/) - Mediation – also known as alternative dispute resolution – can help taxpayers resolve tax issues early and efficiently. The process provides taxpayers a faster, more collaborative and cost-effective approach to case resolution. The traditional appeal process is still available for taxpayers who choose it. Mediation might be right for a taxpayer if: The taxpayer wants
- [U.S. taxpayers living abroad must file and pay taxes by June 16](https://nickelanddimebookkeeping.com/u-s-taxpayers-living-abroad-must-file-and-pay-taxes-by-june-16/) - Taxpayers living and working abroad have until Monday, June 16, 2025, to file their 2024 federal income tax return and pay any tax due. This deadline applies to both U.S. citizens and resident aliens abroad, including those with dual citizenship. In general, on the regular due date of their return, a U.S. citizen or resident alien
- [What taxpayers should do if they get mail from the IRS](https://nickelanddimebookkeeping.com/what-taxpayers-should-do-if-they-get-mail-from-the-irs/) - IRS sends notices and letters when it needs to ask a question about a taxpayer’s federal tax return, let them know about a change to their account or request a payment. Don’t panic if mail comes from the IRS – they’re here to help. When a taxpayer receives mail from the IRS, they should: Read
- [Business owners: Make sure emergency preparedness plans include financial records](https://nickelanddimebookkeeping.com/business-owners-make-sure-emergency-preparedness-plans-include-financial-records/) - When business owners put together an emergency preparedness plan, it should include copies of vital records and financial information. Here are some things everyone can do to help protect their financial records. Update emergency preparedness plan annuallyPersonal and business situations are constantly evolving, so taxpayers should review their emergency preparedness plan annually. Ready.gov has resources and
- [The IRS has options to help taxpayers pay their tax bill](https://nickelanddimebookkeeping.com/the-irs-has-options-to-help-taxpayers-pay-their-tax-bill/) - Tax returns for 2024 were due on April 15, 2025, with exceptions for taxpayers in a disaster area, combat zone or living and working abroad. Taxpayers who couldn’t pay their tax bill by the deadline shouldn't panic – the IRS is here to help. There are several options to help taxpayers meet their obligations. Help for taxpayers who can’t
- [Taxpayers should check their withholding now to prepare for next year](https://nickelanddimebookkeeping.com/taxpayers-should-check-their-withholding-now-to-prepare-for-next-year/) - Proper tax withholding now is key to avoiding surprises when taxpayers file next year. Making any needed adjustments early means taxpayers won’t have to make a big change later in the year to catch up The IRS Tax Withholding Estimator is a free online tool that helps workers, independent contractors and retirees determine if they have the
- [Taxpayers who missed the April tax filing deadline should file as soon as possible](https://nickelanddimebookkeeping.com/taxpayers-who-missed-the-april-tax-filing-deadline-should-file-as-soon-as-possible/) - Taxpayers who missed the April 15 filing deadline should submit their tax return as soon as possible. Those who missed the deadline to file but owe taxes should file timely to avoid penalties and interest. Requesting an extension allows for additional time to file but not to pay taxes owed. Individuals who owe taxes should
- [Taxpayers can request a copy of previous tax returns](https://nickelanddimebookkeeping.com/taxpayers-can-request-a-copy-of-previous-tax-returns/) - Taxpayers can access their personal tax records in several ways. Those records are useful and can help with future tax filing. People should generally keep copies of their federal tax returns and any related documents for at least three years after they file. If a taxpayer wants a copy of their previous tax returns or
- [Taxpayers who need more time to file a federal tax return should request an extension](https://nickelanddimebookkeeping.com/taxpayers-who-need-more-time-to-file-a-federal-tax-return-should-request-an-extension/) - Taxpayers who need more time to file should request an extension by the April 15 deadline.Taxpayers that request an extension by the April 15 tax filing due date will have until Oct. 15 to file without penalties. An extension gives extra time to file, but it does not give taxpayers extra time to pay if they owe.
- [Get ahead of the tax deadline: File, pay or ask for an extension now](https://nickelanddimebookkeeping.com/get-ahead-of-the-tax-deadline-file-pay-or-ask-for-an-extension-now/) - The April 15 tax deadline is right around the corner – but there’s still time for people to file their federal income tax return electronically and request direct deposit of any refund. Filing electronically reduces tax return errors because the tax software does the calculations, flags common errors and prompts taxpayers for missing information. Most
- [Review the education credits before filing a federal tax return](https://nickelanddimebookkeeping.com/review-the-education-credits-before-filing-a-federal-tax-return/) - There are two tax credits designed to help taxpayers reduce education costs: the American Opportunity Tax Credit and the Lifetime Learning Credit. Eligibility requirements For both tax credits, to be eligible: The taxpayer, their spouse or their dependents must have taken post-high school coursework in tax year 2024. The student must have a Form 1098-T, Tuition Statement, from an eligible educational
- [How to file when taxpayers have incorrect or missing documents](https://nickelanddimebookkeeping.com/how-to-file-when-taxpayers-have-incorrect-or-missing-documents/) - Taxpayers should make sure they have all their documents before filing a federal tax return. Those who haven't received a W-2 or Form 1099 should contact the employer, payer or issuing agency and request the missing or corrected documents. If a taxpayer doesn't receive the missing or corrected form in time to file their tax return, they
- [ABLE savings accounts and other tax benefits for persons with disabilities](https://nickelanddimebookkeeping.com/able-savings-accounts-and-other-tax-benefits-for-persons-with-disabilities/) - People with disabilities and their families can use Achieving a Better Life Experience accounts to help pay for qualified disability-related expenses. ABLE accounts are savings accounts that don't affect eligibility for government assistance programs. Here are some key things people should know about these accounts. Contribution limitThe contribution limit for 2025 is $19,000. Certain employed ABLE account beneficiaries
- [Myth-busting federal tax refunds](https://nickelanddimebookkeeping.com/myth-busting-federal-tax-refunds/) - Many taxpayers file their federal tax returns and then eagerly anticipate details about their refund. The best way to check the status of a refund is through the Where's My Refund? tool, the IRS2Go app, or by signing in to the taxpayer’s IRS Online Account.­ But many people mistakenly think there are better ways to get their refund status.
- [Tips to help make tax season go smoothly](https://nickelanddimebookkeeping.com/tips-to-help-make-tax-season-go-smoothly/) - Taxpayers can avoid mistakes and receive a timely refund by preparing to file their tax return ahead of time. Here are a few things taxpayers can do to get ready: Gather records: Good recordkeeping makes preparing a tax return easier. Organized tax records can help taxpayers find overlooked deductions and credits. Start with IRS.gov: IRS.gov is available 24/7, and
- [Business Tax Account and its users](https://nickelanddimebookkeeping.com/business-tax-account-and-its-users/) - The IRS continues to expand its online capabilities with the Business Tax Account tool, giving a growing number of eligible business taxpayers a quicker and easier way to access tax information online and meet their tax obligations. Sole proprietors, individual partners of partnerships, individual shareholders of S corporations and C corporations should check if they’re
- [Gathering records is the first step of tax preparation](https://nickelanddimebookkeeping.com/gathering-records-is-the-first-step-of-tax-preparation/) - Taxpayers should start gathering and organizing records to get ready for filing their 2024 federal tax return. They need all year-end income documents to help ensure they file a complete and accurate 2024 federal tax return and avoid refund delays. The Get Ready page on IRS.gov offers practical tips and resources to help taxpayers prepare. It highlights key
- [Tips for choosing a tax professional](https://nickelanddimebookkeeping.com/tips-for-choosing-a-tax-professional/) - When people turn to tax professionals for help preparing their federal tax return, they should choose their preparer with care. Taxpayers are ultimately responsible for all the information on their federal income tax return, regardless of who prepares the return. Resources for choosing the right tax preparer: The Choosing a Tax Professional page on IRS.gov has information
- [How taxpayers can protect themselves from gift card scams](https://nickelanddimebookkeeping.com/how-taxpayers-can-protect-themselves-from-gift-card-scams/) - Taxpayers should be aware of gift card scams and take steps to protect themselves. Scammers may target taxpayers by asking them to pay a fake tax bill with gift cards. People should remember that the IRS never asks for or accepts gift cards as payment for a tax bill. The IRS doesn't initiate contact with taxpayers by email,
- [Access retirement funds in a disaster](https://nickelanddimebookkeeping.com/access-retirement-funds-in-a-disaster/) - The SECURE 2.0 Act makes it easier for qualified individuals impacted by a federally declared major disaster to access their retirement savings. Eligibility A taxpayer may be eligible for relief that provides for expanded access to their retirement funds if their principal residence was in a major disaster area and they sustained an economic loss
- [Get ready for tax filing season 2025](https://nickelanddimebookkeeping.com/get-ready-for-tax-filing-season-2025/) - As tax filing season approaches, the IRS Get Ready campaign reminds taxpayers of simple steps they can take now to get ready to file their 2024 federal tax returns. As the IRS continues its digital transformation, it’s making filing easier for taxpayers by providing new online tools as well as expanding and updating other digital tools.
- [Essential tax tips for marriage status changes](https://nickelanddimebookkeeping.com/essential-tax-tips-for-marriage-status-changes/) - A taxpayer’s filing status generally depends on their being married or unmarried on the last day of the year – which means that a taxpayer's marital status as of December 31, 2024, determines their tax filing options for all of 2024. For filing purposes, the IRS generally considers taxpayers as married if they are separated but not legally separated
- [Highlights from National Tax Security Awareness Week](https://nickelanddimebookkeeping.com/highlights-from-national-tax-security-awareness-week/) - The IRS and its Security Summit partners recently held the ninth annual National Tax Security Awareness Week, an annual event that emphasizes the importance of protecting sensitive financial information from identity theft and tax scams, especially as the holidays and the 2025 tax season approach. The Security Summit is a coalition of IRS, state tax agencies, tax software
- [Tax professional tips for creating a data security plan](https://nickelanddimebookkeeping.com/tax-professional-tips-for-creating-a-data-security-plan/) - Tax professionals are required by law to create a Written Information Security Plan – or WISP – to protect their clients’ data. The IRS and the Security Summit partners have created an easy-to-follow Written Information Security Plan that outlines the basics and walks tax professionals through how to get started on a plan and understand security
- [Keep personal information safe under digital lock and key](https://nickelanddimebookkeeping.com/keep-personal-information-safe-under-digital-lock-and-key/) - During the ninth annual National Tax Security Awareness Week, the IRS and its Security Summit partners want to assist taxpayers in recognizing tax scams and fraud to keep their information safe and out of the hands of identity thieves and scammers. By following these tips, taxpayers can reduce the risk of losing their identity, money or accounts to
- [Don’t let scammers ruin holiday gift card giving](https://nickelanddimebookkeeping.com/dont-let-scammers-ruin-holiday-gift-card-giving/) - Taxpayers should watch out for gift card scams especially during the holiday season. The IRS never asks for or accepts gift cards as payment for a tax bill. Common holiday scamsScammers may try to trick taxpayers into falling for the gift card scam. With this scam, criminals may impersonate government or collections officials and send official-looking requests
- [The IRS is here to help military members and veterans with their unique tax needs](https://nickelanddimebookkeeping.com/the-irs-is-here-to-help-military-members-and-veterans-with-their-unique-tax-needs/) - Members of the U.S. Armed Forces, veterans and their families may qualify for special tax benefits. Whether they have a simple or complex tax situation, the IRS provides information to make filing taxes easier to understand for those sacrificing so much for our country. Benefits for military members Some of the tax benefits for service
- [Taxpayers should be cautious of scammers targeting disaster donations](https://nickelanddimebookkeeping.com/taxpayers-should-be-cautious-of-scammers-targeting-disaster-donations/) - Scammers commonly set up fake charities to take advantage of people’s generosity during natural disasters and other tragic events. Taxpayers should use the Tax Exempt Organization Search tool to check that an organization is legitimate before they donate money. Tips for donating safely Follow these tips before making a charitable donation: Always verify. Scammers use names that sound like
- [Tax benefits for businesses that accommodate people with disabilities](https://nickelanddimebookkeeping.com/tax-benefits-for-businesses-that-accommodate-people-with-disabilities/) - Businesses that make structural adaptations or other accommodations for employees or customers with disabilities may be eligible to save money on their taxes. Here are the tax incentives for employers who provide accommodations for people with disabilities. Disabled Access CreditThe Disabled Access Credit is a non-refundable credit for small businesses that have expenses for providing
- [Employers must certify eligibility of new hires to claim the Work Opportunity Tax Credit](https://nickelanddimebookkeeping.com/employers-must-certify-eligibility-of-new-hires-to-claim-the-work-opportunity-tax-credit/) - Employers who hire people from certain groups can reduce the tax they owe when they claim the Work Opportunity Tax Credit on their federal tax return. To claim the credit, an employer must first get certification an individual is eligible. This credit is extended through the end of 2025. It encourages employers to hire workers certified as members
- [Essential resources to rebuild records after a natural disaster](https://nickelanddimebookkeeping.com/essential-resources-to-rebuild-records-after-a-natural-disaster/) - It may be important for victims of a disaster to reconstruct their tax and financial records to help prove and document their losses so they can get federal assistance or insurance reimbursement. Below are some tips to help people reconstruct important records they may need as they begin to recover and rebuild. Tax records Taxpayers can get
- [What people need to know when starting a business](https://nickelanddimebookkeeping.com/what-people-need-to-know-when-starting-a-business/) - The IRS knows that understanding and meeting tax obligations is vital to the success of all businesses, especially a new one. IRS.gov has the resources and information to help people through the process of starting a new business. Here are some tips for new entrepreneurs. Choose a business structureThe form of business determines which income tax return
- [Extension filers: Gather all tax info before filing](https://nickelanddimebookkeeping.com/extension-filers-gather-all-tax-info-before-filing/) - The deadline for taxpayers with an extension to file is around the corner – on Tuesday, Oct. 15. It's important for taxpayers to gather all their records and get copies of any missing documents before they sit down to prepare their return, whether they are filing on their own or working with a professional tax
- [IRS Online Account and Identity Protection PINs protect against identity thieves and scammers](https://nickelanddimebookkeeping.com/irs-online-account-and-identity-protection-pins-protect-against-identity-thieves-and-scammers/) - IRS Identity Protection PINs, or IP PINs, are a vital tool to protect taxpayers from identity thieves. The IRS encourages taxpayers to get an IP PIN and establish their IRS Online Account. These tools help guard against fraudsters trying to steal personal and financial information. Important things to know about an IP PIN • It's a
- [IRS shares new warning signs of incorrect claims for Employee Retention Credit](https://nickelanddimebookkeeping.com/irs-shares-new-warning-signs-of-incorrect-claims-for-employee-retention-credit/) - The IRS recently shared five new warning signs of incorrect claims by businesses for the Employee Retention Credit. The new list comes from common issues the IRS has seen while reviewing and processing ERC claims. Aggressive promoters convinced many businesses to claim this pandemic-era credit when they’re not eligible. The IRS urges businesses to carefully
- [Emergency preparedness plans for businesses should include financial records](https://nickelanddimebookkeeping.com/emergency-preparedness-plans-for-businesses-should-include-financial-records/) - When business owners put together an emergency preparedness plan, it should include copies of vital records and financial information. Here are some things everyone can do to help protect their financial records. Update emergency preparedness plan annuallyPersonal and business situations are constantly evolving, so taxpayers should review their emergency preparedness plan annually. The U.S. Department
- [Energy efficient home improvements could help people reduce energy bills and taxes](https://nickelanddimebookkeeping.com/energy-efficient-home-improvements-could-help-people-reduce-energy-bills-and-taxes/) - Homeowners who make improvements like replacing old doors and windows, installing solar panels or upgrading a hot water heater may qualify for home energy tax credits. Who can claim the creditsTaxpayers making improvements to their principal, or in some cases, secondary residence may be eligible for these credits. In some cases, renters may also be able
- [Parents: Check eligibility for the Credit for Other Dependents](https://nickelanddimebookkeeping.com/parents-check-eligibility-for-the-credit-for-other-dependents/) - The Credit for Other Dependents is a $500 non-refundable credit available to taxpayers with dependents who are not eligible for the Child Tax Credit. Taxpayers can claim this credit in addition to the Child and Dependent Care Credit and the Earned Income Credit. This information can help taxpayers determine their eligibility to claim this credit on their
- [What taxpayers need to know about digital asset reporting and tax requirements](https://nickelanddimebookkeeping.com/what-taxpayers-need-to-know-about-digital-asset-reporting-and-tax-requirements/) - Taxpayers filing 2023 tax returns must check a box indicating whether they received digital assets as a reward, award or payment for property or services or disposed of any digital asset that was held as a capital asset through a sale, exchange or transfer. A digital asset is a digital representation of value that is
- [The Educator Expense Deduction can help offset out-of-pocket classroom costs](https://nickelanddimebookkeeping.com/the-educator-expense-deduction-can-help-offset-out-of-pocket-classroom-costs/) - The Educator Expense Deduction lets eligible teachers and administrators deduct part of the cost of technology, supplies and training from their taxes. They can claim this deduction only for expenses that weren't reimbursed by their employer, a grant or other sources. Who is an eligible educatorThe taxpayer must be a kindergarten through grade 12 teacher,
- [Employer-offered educational assistance programs can help pay for college](https://nickelanddimebookkeeping.com/employer-offered-educational-assistance-programs-can-help-pay-for-college/) - An educational assistance program is an employer’s written plan to provide employees with undergraduate or graduate-level educational assistance. These programs allow employers to pay student loan debt and other education expenses tax-free. Eligible expenses Educational assistance programs can help pay for: Books Equipment Supplies Tuition and other fees Qualified education loans Loan paymentsThese programs can be used to
- [Reminder: Taxpayers must file and pay taxes even if they live abroad](https://nickelanddimebookkeeping.com/reminder-taxpayers-must-file-and-pay-taxes-even-if-they-live-abroad/) - It’s important that U.S. citizens and resident aliens living abroad understand their tax obligations. Their worldwide income -- including wages, unearned income and tips -- is subject to U.S. income tax, regardless of where they live or where they earn their income. They also have the same income tax filing requirements as U.S. citizens or
- [Tax benefits for homeowners](https://nickelanddimebookkeeping.com/tax-benefits-for-homeowners/) - Whether someone is a current homeowner or buying a new home this summer owning a home can be expensive. There are tax benefits that can help taxpayers save money and offset some of the costs that come with homeownership. Homeowners should review the tax deductions, programs and housing allowances to see if they are eligible.
- [The Employer-Provided Childcare Tax Credit is worth up to $150,000](https://nickelanddimebookkeeping.com/the-employer-provided-childcare-tax-credit-is-worth-up-to-150000/) - The Employer-Provided Childcare Tax Credit is an incentive for businesses to provide childcare services to their employees. About the tax creditThis tax credit helps employers cover some costs for childcare resource and referral and for a qualified childcare facility. A qualified childcare facility is one that meets the requirements of all laws and regulations of
- [Disaster tax relief: What taxpayers need to know](https://nickelanddimebookkeeping.com/disaster-tax-relief-what-taxpayers-need-to-know/) - Tax relief is available for people living in areas declared disasters by the Federal Emergency Management Agency. To find out if an area qualifies for disaster tax relief, check IRS news from around the nation. Affected taxpayers have more time to file and payIf people live at an address in an area that qualifies for IRS
- [Builders of energy efficient homes may qualify for a valuable tax credit](https://nickelanddimebookkeeping.com/builders-of-energy-efficient-homes-may-qualify-for-a-valuable-tax-credit/) - Eligible contractors who build new energy efficient homes or substantially reconstruct existing homes into qualified energy efficient homes may be eligible for a tax credit up to $5,000 per home. The exact amount of the credit depends on eligibility requirements such as the type of home, the home's energy efficiency and the date when someone
- [Year-round tax planning pointers for taxpayers](https://nickelanddimebookkeeping.com/year-round-tax-planning-pointers-for-taxpayers/) - Here are some simple things taxpayers can do throughout the year to make filing season less stressful. Organize tax records. Create a system that keeps all important information together. Taxpayers can use a software program for electronic recordkeeping or store paper documents in clearly labeled folders. They should add tax records to their files as

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