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How much debt is getting canceled? Biden announced last month that most federal student loan borrowers will be eligible for some forgiveness: up to $10,000 if you didn’t receive a Pell Grant, which is a type of aid available to low-income undergraduate students, and up to $20,000 if you did. Did I receive a Pell Grant? There’s a...Read More

As the new school year begins, the Internal Revenue Service reminds teachers and other educators that they’ll be able to deduct up to $300 of out-of-pocket classroom expenses for 2022 when they file their federal income tax return next year. This is the first time the annual limit has increased since the special educator expense...Read More

The Internal Revenue Service today is reminding those who have registered, or are required to register, large trucks and buses that it’s time to file Form 2290, Heavy Highway Vehicle Use Tax Return. The IRS strongly encourages using e-file and filing before the payment deadline of August 31, 2022, for vehicles first used in July 2022....Read More

To help struggling taxpayers affected by the COVID-19 pandemic, the Internal Revenue Service today issued Notice 2022-36, which provides penalty relief to most people and businesses who file certain 2019 or 2020 returns late. The IRS is also taking an additional step to help those who paid these penalties already. Nearly 1.6 million taxpayers will automatically...Read More

The IRS sends correspondence to a taxpayer’s last known address, usually the address from their most recently filed tax return. If the taxpayer moves and does not send a change of address to the IRS, they may not receive an IRS notice and could miss the deadline to respond. There’s no penalty for not filing...Read More

We are happy to announce that we finished the Spanish translation of our website. On our website: click on the ‘Spanish’ button, or you could type /es after our domain: blackinctax.comRead More

The Internal Revenue Service is reminding the estimated 19 million taxpayers who requested an extension to file their 2021 tax return that they don’t have to wait until mid-October to file. If a taxpayer has all the necessary information to file an accurate return, they can file electronically at any time before the October deadline...Read More

Bookkeeping helps you have a better tax preparation. When it’s time to file your taxes, you’ll need to comply with the Internal Revenue Service’s (IRS) legal regulations and systems that govern their finances. Some of the most common documentation businesses must provide to the federal government include: Financial transactionsFinancial statementsTax complianceCash flow reports By staying...Read More

The Middle Class Tax Refund will provide qualified state personal income tax filers with a one-time payment in order to provide relief to Californians. If you did not file your 2020 tax return by the dates listed below, you are not eligible for the payment. To qualify, you must: Have filed your 2020 tax return by...Read More

Entrepreneurs fail due to poor or negative cash flow. In general the rule is: If your expenses exceed your cash, then you have a cash flow problem. That being said, over 80% of all entrepreneurs fail because they did not adequatly manage or account their business money.Also, not all entrepreneurs engage with bookkeeping, so: Make...Read More