Sarah K Wood CPA, LLC

08/23/2024

Did you put your kiddo(s) in a summer day camp this summer while you worked? If so, be sure to save the amount you paid and be sure to get the name, address and tax ID for the camp.

The Child and Dependent Care tax credit may be applied to summer day camp expenses, according to the IRS. Publication 503, Child and Dependent Care Expenses, provides a detailed explanation of all the regulations, the requirements to apply for the credit and an exception for certain taxpayers who live apart from their spouse.

08/23/2024

Teachers eligible to deduct up to $300 in classroom expenses for 2024...
The federal deduction for classroom expenses applies to educators again in 2024, the IRS announced this week. Federal law permits educators to deduct the cost, up to $300, of supplies and other classroom necessities that they buy themselves.

01/06/2023

Just a reminder that the final 2022 quarterly estimated tax payment is due Jan. 17

11/25/2020

The IRS reminded individuals of a special new provision that will allow more people to easily deduct up to $300 in donations to qualifying charities this year. Following special tax law changes made earlier this year, cash donations of up to $300 made before Dec. 31, 2020, are now deductible when people file their taxes in 2021.

Under this new provision, individual taxpayers can claim an "above-the-line" deduction of up to $300 for cash donations made to charity during 2020. This means the deduction lowers both adjusted gross income and taxable income – translating into tax savings for those making donations to qualifying tax-exempt organizations.

Before making a donation, the IRS reminds people they can check the special Tax Exempt Organization Search tool on IRS.gov to make sure the organization is eligible for tax-deductible donations.

08/04/2020

Under the CARES Act, individuals eligible for coronavirus-related relief may be able to withdraw up to $100,000 from IRAs or workplace retirement plans before Dec. 31, 2020, if their plans allow. In addition to IRAs, this relief applies to 401(k) plans.

05/12/2020

Although talks within the Trump administration are still in the preliminary stage, NBC news has reported that the deadline could be postponed again to September 15—or even as late as December 15.

04/03/2020

https://www.homestreet.com/business/small-business/sba-loans/sba-relief-funding

HomeStreet Bank is committed to helping small businesses navigate the COVID-19 loan relief options from the CARES Act.

03/19/2020

The deadline to file federal individual income tax returns remains April 15. All individual and other non-corporate tax filers are allowed to defer tax payments (up to $1 million) until July 15, 2020 without penalties or interest.

03/17/2020

Very few aspects of American life, if any, remain unaffected by the coronavirus. Taxes are no exception.

On Tuesday, Treasury Secretary Steven Mnuchin announced during a White House briefing that the IRS will waive interest and penalty charges for 90 days for Americans who owe up to $1 million in taxes. He encouraged Americans to still file their taxes by April 15; it's unclear at this time whether the IRS will officially extend that filing deadline as well.

01/07/2019

The Internal Revenue Service will issue refunds to taxpayers even if the U.S. government shutdown extends into the filing season, a decision that may reduce political pressure on Congress and President Donald Trump to reach a deal to re-open the federal government.

01/05/2019

And they are not accepting returns till Jan. 29th...

If the partial government shutdown continues into tax filing season, early filers will not get their expected refunds right away.