Offerdahl Emerson & Company, LLC

09/06/2024

Many parents arrange for care of their younger children under age 13 during the summer. A popular solution is a day camp program, which can sometimes also lead to a tax benefit.

Unlike overnight camps, the cost of day camp may count as an expense towards the Child and Dependent Care credit.

IR-2024-216, Aug. 19, 2024 — The Internal Revenue Service today reminded taxpayers that summer day camp expenses may count towards the Child and Dependent Care tax credit.

09/02/2024

Happy Labor Day from Offerdahl Emerson & Company!

09/01/2024

Individual taxpayers who requested an extension of time to file their federal taxes have until Oct. 15, 2024, to complete and file their federal tax return. Those who already have the forms and information they need should file now as there's no advantage to waiting until the deadline.

Tax Tip 2024-71, Aug. 21, 2024 — Individual taxpayers who requested an extension of time to file their federal taxes have until Oct. 15, 2024, to complete and file their federal tax return. Those who already have the forms and information they need should file now – there's no advantage to waiti...

08/08/2024

Life events such as a death, a marriage, the birth of a child or a job change, for example, can trigger tax and financial implications you need to address before the year's up. A midyear financial checkup gives you the opportunity to evaluate your budget and checkup on your overall financial plan.

Summer is a great time to make sure you're on track financially.

08/06/2024

The educator expense deduction lets eligible teachers and administrators deduct part of the cost of technology, supplies and training from their taxes. The taxpayer must be a kindergarten through grade 12 teacher, instructor, counselor, principal or aide.

Tax Tip 2024-66, Aug. 5, 2024 — The educator expense deduction lets eligible teachers and administrators deduct part of the cost of technology, supplies and training from their taxes. They can claim this deduction only for expenses that weren't reimbursed by their employer, a grant or other source...

07/16/2024

Taxpayers making improvements to their principal or, in some cases, secondary residence such as replacing old doors and windows, installing solar panels or upgrading a hot water heater may qualify may be eligible for home energy tax credits.

Tax Tip 2024-62, July 1, 2024 — Homeowners who make improvements like replacing old doors and windows, installing solar panels or upgrading a hot water heater may qualify for home energy tax credits.

07/05/2024

Wishing you a happy 4th of July from Offerdahl Emerson & Company!

06/12/2024

Whether someone is having fun with a hobby or running a business, if they are paid through payment apps for goods and services during the year, they may receive an IRS Form 1099-K for those transactions. These payments are taxable income and must be reported on federal tax returns.

Tax Tip 2024-55, June 5, 2024 — Hobbies and businesses are treated differently when it comes to filing taxes. The biggest difference between the two is that businesses operate to make a profit while hobbies are for pleasure or recreation.

06/11/2024

Summer wedding season has arrived, and newlyweds can make their tax filing easier by doing a few things now. A taxpayer's marital status as of December 31 determines their tax filing options for the entire year, but that's not all newlyweds should be aware of.

Tax Tip 2024-57, June 10, 2024 — Summer wedding season has arrived, and newlyweds can make their tax filing easier by doing a few things now. A taxpayer's marital status as of December 31 determines their tax filing options for the entire year, but that's not all newlyweds need to know.

05/21/2024

If a taxpayer disagrees with an IRS decision, they can ask the IRS Independent Office of Appeals to review their case. This office is separate from the rest of the IRS. Appeals officers review cases that taxpayers submitted, meet with the taxpayer informally and consider the taxpayer’s position and the IRS's position in a fair and unbiased manner.

Tax Tip 2024-47, May 8, 2024 — If a taxpayer disagrees with an IRS decision, they can ask the IRS Independent Office of Appeals to review their case. This office is separate from the rest of the IRS.

04/30/2024

When a taxpayer realizes that their federal tax return has a math error, missing income or other mistake, they should file an amended tax return.

A taxpayer must file an amended return if they need to correct:
Filing status.
Income.
Deductions.
Credits.
Tax liability.

Tax Tip 2024-38, April 25, 2024 — When a taxpayer realizes that their federal tax return has a math error, missing income or other mistake, they should file an amended tax return.

04/24/2024

Once people complete and file their tax return, many eagerly await any refund they may be owed. Knowing fact from fiction can help manage expectations as they wait for their money.

Tax Tip 2024-35, April 17, 2024 — Once people complete and file their tax return, many of them eagerly await any refund they may be owed. Knowing fact from fiction can help manage expectations as they wait for their money.