Contractors payroll is based off the percentage agreed to in the individual contract agreement: 60/40 70/30 80/20 90/10 Contractors set their own fees in the software per client and those fees should include add

Keystone Tax Solutions allow users who own a signature pad to capture the signatures of the preparer as well as the taxpayer(s) electronically.  This feature will apply the taxpayer and preparer signatures to all supported forms.  The option to use the signature pad will vary with each state and with…

In Keystone Tax Solutions, there is not a way to delete a return from an office. The Tax Return will need to be deactivated instead. To deactivate a tax return: Select Client Search from the Welcome Menu of your office Select Deactivate from the drop-down box Tools to the right of the desired return Note: Pay-per return: each deactivated…

What Is Cancellation of Debt? “If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the canceled amount in income for tax purposes, depending on the circumstances.  When you borrowed the money you were not required to include…

Education tax credits help offset the expenses of higher learning by reducing the tax an individual would owe the IRS and may increase their refund if they have no tax liability.  There are several different types of education credits.  Keep in mind, none of these credits are available if the…

When a house is foreclosed upon by the bank, the owners will typically receive Form 1099-A from the lender showing several pieces of relevant information.  The information on Form 1099-A will likely be needed to report the foreclosure properly on the tax return.  A foreclosure is treated as the sale of property,…

One of the requirements of the Affordable Care Act is that everyone (Taxpayer, Spouse and each Dependent) on a tax return has to have minimum essential health care coverage or an exemption from coverage for every month of the year or the taxpayer will have a Shared Responsibility Payment. If…

If you purchase health coverage through the Marketplace, you might be eligible for the premium tax credit.  If you’re eligible, advance payments of this credit can help you pay your health insurance premiums. If you wait to get the premium tax credit when you file your tax return, it may…

Resident of a State that did not expand Medicaid (code “G”) – If the taxpayer lived at any time during the tax year in one of the States that did not expand Medicaid and their household income was below 138% of the federal poverty level for their family size, the taxpayer may be eligible to claim…

The premium tax credit, or PTC, is a refundable credit that helps eligible individuals and families with low or moderate income afford health insurance purchased through a Health Insurance Marketplace. To get this credit, you must meet certain requirements and file a tax return. Answer these yes-or-no questions in this eligibility…