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Author Archive for: ‘Charles P Myrick CPA’

Posted by: Charles P Myrick CPA Posted on: Sep 14 2023

Maximize Your Tax Benefits by Making Donations to Animal Shelters

 

It feels good when you're able to make charitable contributions to causes that matter while also managing your tax liability. Giving back to your local animal shelter is a heartwarming experience, but it can be a financially savvy move, too. There are many animal shelters that play a critical role in rescuing and caring for animals in need, and your contributions can make a significant difference. Explore the tax benefits of donating to animal shelters, how you can contribute, and what deductions you may be eligible for along the way! Here's how to maximize your tax benefits by making donations to animal shelters.

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How Does the Mortgage Interest Deduction Benefit Homeowners?

Did you know that, for many homeowners, a mortgage interest deduction can present a major opportunity to reduce their overall tax burden? It can be incredibly helpful, but it’s vital to understand the intricacies of this deduction to fully reap the available benefits. Explore how the mortgage interest deduction works, who is eligible, and how you can potentially maximize this deduction to the benefit of your financial health. So...exactly how does the mortgage interest deduction benefit homeowners?

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How to Determine Your Family's Eligibility for the Child Tax Credit

Most families can use any financial relief they can get, especially in the current economic landscape. The Child Tax Credit is a valuable resource that can provide some of that much-needed relief. Understanding tax eligibility criteria is essential to be sure you qualify before claiming any tax credit, including this one. Learn more about who is eligible for the Child Tax Credit, the requirements your family must meet, and how you can maximize this credit to the financial benefit of your family. Here's the basics on how to determine your family's eligibility for the Child Tax Credit.  

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Tax Breaks for Married Couples: Discover the Advantages and Benefits

It’s no secret that marriage is a life-changing event, often in ways you never expected. One of those oft-overlooked changes is the impact that getting married can have on your taxes. Learn more about the eligibility criteria and explore the best strategies to maximize your savings. Whether you’re newlyweds or are celebrating a milestone anniversary, a better understanding can help you and your spouse make more informed financial decisions. There are a relatively broad range of tax breaks for married couples. Discover the advantages and benefits, all of which have the potential to lead to significant savings.

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How Education Tax Credits Offer Tax Savings for Eligible Taxpayers

Investing in education is almost always a wise decision, but it can also introduce a very real financial burden. Fortunately, there are education tax credits that can present a valuable opportunity to offset some of the associated expenses. Exploring how education tax credits work, the eligibility criteria, and how they can benefit you as a taxpayer can make higher education more accessible. Whether you are a student working to further your education, a small business owner taking courses for your own professional development, or the parent of a college student, these credits can lead to substantial tax savings. Here’s how education tax credits offer tax savings for eligible taxpayers.

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What You Need to Know About the Tax Rules for Claiming Dependents

When tax season approaches, it’s always a good idea for parents and guardians to familiarize themselves with the current rules for claiming dependents. Doing so can lead to valuable tax benefits but also comes with highly specific eligibility criteria and guidelines. Delve into the intricacies of claiming dependents on your income taxes and empower yourself with the knowledge you need to make informed decisions, maximize tax savings, and ensure full compliance with tax regulations. Here’s what you need to know about the tax rules for claiming dependents.

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A Brief Guide on How to Avoid the Costly Consequences of Tax Penalties

It's no secret that it can be frustrating to navigate the complexities of US tax codes and regulations. Of course, the last thing anyone wants is to find themselves facing tax penalties. While every situation is unique, there are some common pitfalls that can trigger penalties, so empowering yourself with a bit of information can help you stay compliant. Here’s a brief guide on how to avoid the costly consequences of tax penalties.

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June is Wedding Month! Tax Filing Status Changes for Married Couples

June isn't just a time for soaking up the early summer sun; it's the most popular month for couples to get married. About 10.8% of engaged couples will set a date sometime in June, which edges out August for the most wedding-saturated month of the year. Whether you’re having a small or large ceremony, a reception for 20 or 200, you have likely been making plans for months or even years. In the midst of all the excitement, you probably won’t be thinking about your tax filing status. When tax time rolls around next year, here’s the information you’ll need regarding how tax filing status changes for married couples.

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The Best Ways to Protect Yourself Against Tax Identity Theft

When you see the phrase "identity theft," it’s likely that the first thing you think of is compromised credit and debit cards or a hacked bank account. Often, the identity theft we hear about involves the electronic movement of money, so we have learned to be more careful, protecting how we share information and making sure our personal details are encrypted and secured. However, one crime not often considered is another popular type of identity theft involving your tax returns, though it’s more common than you might think. Let’s look at what is involved and some of the best ways to protect yourself against tax identity theft.

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Posted by: Charles P Myrick CPA Posted on: Mar 02 2023

Good Tax Planning Never Leaves Money on the Table

Three kinds of taxpayers are doing their taxes incorrectly: those who are waiting for a refund, those who are dreading doing their taxes, afraid of owing as much as they did in the prior year, and those who have actually haven't got a clue as to what their taxes will look like once the dust settles. What they all have in common is insufficient planning, and each of them should take time to sit down with a Certified Public Accountant (CPA) and start planning for next year - because good tax planning never leaves money on the table.

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