Taxpayer ID Number

Large cash transactions with your business must be reported to the IRS

If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. What are the requirements? Each person who, in the course of operating a trade or business, receives more than $10,000 in cash in one transaction (or two or more related transactions), must file …

Large cash transactions with your business must be reported to the IRS Read More »

Tax credits may help with the high cost of raising children

If you’re a parent, or if you’re planning on having children, you know that it’s expensive to pay for their food, clothes, activities, and education. Fortunately, there’s a tax credit available for taxpayers with children under the age of 17, as well as a dependent credit for older children. Recent tax law changes. Changes made …

Tax credits may help with the high cost of raising children Read More »

Adopting a child? Bring home tax savings with your bundle of joy

If you’re adopting a child, or you adopted one this year, there may be significant tax benefits available to offset the expenses. For 2019, adoptive parents may be able to claim a nonrefundable credit against their federal tax for up to $14,080 of “qualified adoption expenses” for each adopted child. (This amount is increasing to …

Adopting a child? Bring home tax savings with your bundle of joy Read More »