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This recent change lets the payments qualify for the deduction even if your parents (or someone else) paid the bill. Under new guidelines, the IRS views it as if you were given the money and used it to pay the student loan. Contact TaxPrep Evolution for all your tax needs!

Tax Tips If you’re a college student who’s never had to file income taxes before, filing for the first time can be intimidating. But you can take steps to make the process as easy as possible and maximize any tax refund you may be due. 1. Know your dependency status... 2. Access your 1098-T 3. Scholarships 4. Qualified Education Expenses Contact TaxPrep Evolution for your tax needs.

Similar to the first rounds of PPP, eligible small businesses may include: Small businesses, nonprofit organizations, veterans organizations, Tribal business concerns, and small agricultural cooperatives that meet the SBA size standards... Sole proprietors, self employed individuals or independent contractors. New: Certain small news organizations, destination marketing organizations, housing cooperatives, and 501(c)(6) nonprofits may now also be eligible. Contact TaxPrep Evolution for your tax needs!!

TaxTips You may be entitled to a tax credit of up to $500*** if you installed energy-efficient windows, skylights, doors or other qualifying items in 2018-2020**. Federal tax credits for certain energy-efficient improvements to existing homes have been extended through December 31, 2020. Contact TaxPrep Evolution for your tax needs!!

Tax Tips The saver's credit is available to eligible taxpayers who contribute to an employer-sponsored retirement plan or a traditional and/or Roth IRA. The credit amount is determined by multiple factors, such as an individual's retirement plan contributions, tax filing status, and adjusted gross income.... Contact TaxPrep Evolution for your tax needs.