If you cannot pay your taxes in full right now, don’t sweat it. When you require options other than full payment, setting up a payment plan is easy and can be done on the IRS website. Several plan offerings exist, so you can best serve your bank account. Keep reading to learn more…

Many people are choosing to use green energy to power their vehicles. This upcoming year, the IRS is rewarding anyone who purchases a clean vehicle in 2023 or after with a tax rebate. Learn more to see if your new or used vehicle is a qualified plug-in EV or fuel cell electric vehicle (FCV)!

You may have expected that the rules pertaining to your tax filing would change, especially if you are a small business using a third-party payment platform. However, the IRS is walking back the expected changes to filing your 1099-K until the upcoming year. In this blog, we will walk you through the anticipated changes and how to best prepare throughout the year.

Happy New Year! As you kick off 2023 with major motivation to meet your resolutions, we have another goal for you to add to your vision board: Taking advantage of your HSA!

Massachusetts employees are receiving the gift of extra money this holiday season! We know what you’re thinking, “What’s the catch?” But this gift comes with no strings attached. If it hasn’t already hit your account, then in the upcoming weeks, you may be receiving a Massachusetts Tax Refund check.

Business-related car expenses tend to add up, and it can be confusing to know what is and is not tax deductible. We hope that this simple breakdown of what you can and cannot write off when it comes to your car will help you navigate this often long and winding road. 

If student loans still plague you, then by now, you've surely heard the news that the Biden-Harris administration, who has already allowed Covid-related extensions for paying back student loans, is offering borrowers up to $20,000 in loan forgiveness. An estimated 43 million borrowers qualify for this relief, and roughly eight million of those people will receive this forgiveness automatically without having to apply.

But what can you expect if you're one of the large majority which has to complete the application process? That's what we're here to answer! We have all the information you need when it comes to this loan forgiveness plan.

In a rare mid-year move, the IRS has decided to increase the optional standard mileage rate for the remaining six months of 2022. This rate is used to calculate the costs of operating a vehicle for business, medical and military moving expenses, and charitable purposes, rather than tracking actual costs, although taxpayers still have the option to do so.

Today, we’re tackling a surprisingly controversial topic on the blog: the enhanced Child Tax Credit. In 2021 parents got a little extra cash from the government in the form of increased maximums and advance payments. And while more money in your pocket sooner than expected sounds like a no-brainer, as with everything when it comes to the IRS, the updated Child Tax Credit brought its fair share of headaches, especially for us tax preparers.

Now that we’ve wrapped up the 2021 tax season and the enhanced Child Tax Credit has expired, how will this year look different for parents? Keep reading to find out.

We know, we know. When you experience a significant life event, the last thing you think is, “How will this impact my tax return?” And while we hate to put a damper on the party, it’s important to consider the effects of events like getting married, having a baby, and even losing your job because, spoiler alert, they all change how much you receive or owe come tax time. So check out what you need to know before you tie the knot, bring home a bundle of joy, accept a new job offer, and more.

When was the last time you updated your W-4 form? If your answer is back when I started at my job, it’s time to revisit this old friend to make sure you have the correct amount withheld from each paycheck so that you’re not hit with a huge bill come April.

Despite the fact that most people do encounter a W-4 form when they get a new job, not everyone understands how much it impacts their tax bill. But we’re here to explain what it is, and how to fill it out in a way that can make your tax experience a more positive one.

It goes without saying that we’ve all been feeling a little more pain at the pump lately. But did you know that the recent spike in gas prices has sparked a debate around the gas tax? It’s something we hardly pay attention to when we stop to fill up, but those 9/10ths of a cent can certainly add up when we’re paying over $4.00 per gallon.

Can you believe another year has come and gone since Covid19 turned our world upside down and made our tax returns just that much more complicated? We’re hoping that the changes to your returns haven’t completely bogged you down in kicking off the process for filing your 2021 returns, and we have a few helpful tips and deadlines you can follow to make this tax season go as smoothly for you as possible.

Here at Accountability, we want to ensure that you get all the money you deserve back into your pockets come tax season. That’s why this month, we’re breaking down the Child and Dependent Care Tax Credit, and you’ll be thrilled to find out that this year you may be entitled to more money than ever before. So if you have children or an adult-dependent receiving care, keep reading to see how much money you will qualify for!

It's time to file your tax returns, which means it's also time to reconcile those advanced child tax payments! All that free money has to be accounted for!

When it comes to taxes there is never one answer that fits every scenario. Gift tax is no different. We get this question a lot when our clients get large gifts (lucky you if it’s for a holiday!) or become the benefactor of an inheritance

Being a small business owner is difficult on even the best days. Being a small business owner during Covid has been nearly impossible. As we begin to return to our “new normal,” your small business may still be struggling to make ends meet. And while this is incredibly stressful for you as a business owner, EIDL loans are still available to help improve your circumstances. But understanding how to best support your current situation can be tricky! That’s why we’re here to break down this loan option and give you a few new updates to it.

When tax time rolls around, clients often ask if we want their shoebox full of gas receipts. The answer is typically no, thank you. Although you can use your business account to cover the cost of gas, that is not typically how the write-off trickles down. But we still give you points for being dedicated.

It’s no surprise to anyone that the real estate market has been HOT this year which means properties are selling every single day. Sellers are getting stars in their eyes over the potential profit of homes, but a higher selling price doesn’t always translate to dollars in your pocket when you figure in taxes. So when exactly should you expect to pay taxes on a property you’re selling? Keep reading to get all the details.