Here’s Basic Info for Businesses Filing Excise Taxes

The following article was published by the IRS. Businesses providing goods and services that are subject to excise tax must file a Form 720 quarterly to report the tax to the IRS. What is excise tax? Excise taxes are charged on a wide variety of goods, services and activities. The tax may be imposed at the [...]

IRS Issues Standard Mileage Rates for 2020

The following article was published by the IRS. The Internal Revenue Service has issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or [...]

Here’s How the Credit for Other Dependents Can Benefit You

The following article was published by the IRS. Taxpayers with dependents may qualify to claim a few different tax credits. One of these is the child tax credit. The child tax credit benefits people whose dependent meets a series of tests. If the dependent doesn't meet those qualifications, the taxpayer may be able to claim the [...]

Two Education Credits Help Taxpayers with College Costs

The following article was published by the IRS. With school in session, parents and students should look into tax credits that can help with the cost of higher education. They do this by reducing the amount of tax someone owes on their tax return. If the credit reduces tax to less than zero, the taxpayer may [...]

Taxpayers Can Go to IRS.gov for Answers to Questions about Payments and Penalties

The following article was published by the IRS. Questions about tax payments and penalties come up all year long. Taxpayers can find most answers to these questions on IRS.gov. They can head over to the Let Us Help You page, which features links that take users to information and resources on a wide range of topics related [...]