Maximize Your Tax Refund with One of the Most Valuable Credits Available When it comes to lowering your tax bill and possibly boosting your refund, the Earned Income Tax Credit (EITC) is one of the most powerful tools available to working individuals and families with low to moderate income. Yet, many taxpayers miss out on… [Read More]

Tax credits and tax deductions are both ways to reduce your tax liability, but they work in different ways. A tax credit is a dollar-for-dollar reduction in the amount of tax you owe. For example, if you owe $5,000 in taxes and you qualify for a $1,000 tax credit, your tax bill will be reduced… [Read More]

There are several tax credits that you may qualify for when you file your personal taxes for the year 2024. Keep in mind that as opposed to a tax deduction, a tax credit is a dollar-for-dollar reduction in the amount of tax you owe. For example, if you owe $5,000 in taxes and you qualify… [Read More]

If you’ve filed Form 4868, this extends your deadline to October 15th. It’s important to note that the extension granted by filing form 4868 only applies to the filing of your return, not to the payment of any taxes owed. We can help you with your tax problems! Reasons to file your tax return as soon as… [Read More]

Planning for retirement is one of the most important financial steps you can take. Yet, many people struggle to determine exactly how much they need to save. Fortunately, a Retirement Savings Calculator can provide valuable insights, helping you set realistic goals and adjust your savings strategy accordingly. At Daniel Ahart Tax Service, we understand the importance of financial… [Read More]

The deadline for most retirement contributions for the tax year 2024 is April 15, 2025 However, if you have a Simplified Employee Pension (SEP) IRA or a solo 401(k), the deadline for making contributions for the year 2024 is the tax filing deadline, including extensions, which is typically October 15, 2025. It’s important to note… [Read More]

As the tax season approaches, it’s natural to wonder when you’re officially ready to sit down and prepare your tax return. The truth is, readiness begins with preparation. Whether you’re filing as an individual, a family, or a business owner, having the right documents at hand is key to ensuring a smooth and stress-free tax… [Read More]

Failure to report your crypto gains and losses can result in penalties, interest, or even legal action from the IRS. The agency has been increasingly active in tracking crypto transactions, partnering with exchanges and issuing notices to taxpayers. Do I Need to Report Crypto Losses? Yes! Reporting your crypto losses is just as important as reporting gains…. [Read More]

Even if you File an Extension, You Must Still Pay Your Income Tax in Full by the Tax Deadline Need more time to prepare your federal tax return? Traditionally, federal tax returns are due on April 15 or the first business day thereafter. However, the IRS does grant you an automatic extension to file your taxes… [Read More]

What taxpayers should do if they get a letter or notice from the IRS Your notice or letter will explain the reason for the contact and give you instructions on how to handle the issue. If you agree with the information, there is no need to contact the IRS. Note: As explained on the IRS website,… [Read More]

Crypto Taxes: Tax Reporting Requirements Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. In general, the sale or exchange of convertible virtual currency, or the use of convertible virtual currency to pay for goods or services in a real-world… [Read More]

Tax Season 2024 (for filing year 2023 taxes): Tax Benefits for the Self-Employed Being self-employed comes with its own set of financial responsibilities, but it also offers opportunities for tax deductions and credits that can help reduce the overall tax burden. Changes in the tax code in 2018 (via the Tax Cuts and Jobs Act… [Read More]