Resources
July 2023 Newsletter
Featured Articles
Small Business Financing: Securing a Loan
July 2023
At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants and how to approach it properly can mean the difference between getting a loan for expansion
What To Know About Reverse Mortgages
July 2023
Home equity represents a significant portion of the average retiree's wealth. If you're 62 or older and house-rich but cash-poor, a reverse mortgage loan allows you to convert part of the equity in your home into cash - without
Is Your College Student's Scholarship Taxable?
July 2023
May 1 is the traditional deadline for undergraduate students to commit to their college of choice, which means tuition payments are not far behind. If you are wondering if your child's scholarships are taxable, here is what you should
Verifying Your Identity When Calling the IRS
July 2023
Sometimes, taxpayers must call the IRS about a tax matter. As part of the IRS's ongoing efforts to keep taxpayer data secure from identity thieves, IRS phone assistors take great care to discuss personal information with the taxpayer or
Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.
July 2023 Newsletter
Tax Tips
Tax Due Dates for July 2023
July 2023
July 10
Employees Who Work for Tips - If you received $20 or more in tips during June, report them to your employer. You can use Form 4070.
July 17
Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for
What to Know About the Adoption Tax Credit
July 2023
If you adopt a child in 2023, you may qualify for a tax credit for related expenses. If your employer helped pay for the costs of an adoption, you may be able to exclude that income from tax. In
Kids' Day Camp Expenses May Qualify for a Tax Credit
July 2023
Day camps are common during school vacations and the summer months. And their cost may count towards the child and dependent care credit.
Here are five things parents should know:
1. Care for Qualifying Persons. You may qualify for the credit whether
Filing a Final Tax Return for a Deceased Person
July 2023
When someone dies, their surviving spouse or representative must file a final tax return for the deceased person. Usually, the representative is named in the person's will or appointed by a court. Sometimes when there isn't a surviving spouse
Tips for Taxpayers With Hobby Income
July 2023
Hobby activities are a source of income for many taxpayers. As a reminder, this income must be reported on tax returns. But the reporting rules are different than for income from a for-profit business. For one thing, hobbyists can't
Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.
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