Income Tax

For many farmers, harvest time comes at the end of the summer. The same thing is true for your clients who are active traders in the stock market. But you must caution them that the tax landscape has changed in recent years.

The Earned Income Tax Credit (EITC) is one of the most widely-used credits by U.S. taxpayers, it's also often mis-used and even thought the Internal Revenue Service has been scolded for its poor management of the EITC, the agency is still lacking.

Are your clients making plans to send their kids off to camp this summer? Depending on the arrangements, they may be entitled to claim a healthy tax credit – the dependent care credit (also known as the “child care credit” ) – for the daily expenses. However, there are no tax benefits available for overnight camps or other personal expenses.

Intuit takes a look back at Tax Year 2013 and projects what changes lie ahead for the tax profession and its products.

The state Senate will take up discussion of a multi-part bill that would change the way the state taxes corporations.

If a client owns a “vacation home” in a resort area – say, a seaside cottage or a mountaintop cabin – the family may enjoy getaways there during the summer months. But when the kids grow up and the trip becomes a hassle, the place may lie dormant for much of the season. It could be time for the client to turn their summer retreat into a rich source of rental income.

The IRS will be holding two free webinars for small businesses and encouraging them to check out several key tax benefits and a special relief program for employers who reclassify their workers as employees.

A quarterly report on the amount that Americans donate to nonprofits shows a decrease in the first quarter of the year, following several months in which the giving rate had seen increases.