The total sum of state and local income taxes, real estate taxes, and personal property taxes (such as car registration fees) up to $10,000, or $5,000 if you're married and file a separate return. You can substitute sales taxes you paid for income taxes if this is more beneficial for you, but you cannot include both sales and income taxes—you must choose one or the other.
Tax credits are credited to your IRS as payments, just as though you had written the IRS a check for money owed. Most of them can only reduce your tax debt, but the EITC can result in the IRS issuing a tax refund for any balance left over after your tax obligation has been reduced to zero. Again, income restrictions apply. You won't qualify for this tax credit if you earn too much.
Before you hire a tax professional, visit their business profile to see how they handle payments. Many CPAs and tax experts accept digital payments through Venmo, PayPal, Square Cash, Zelle and other online platforms. More businesses may be changing their payment methods to accommodate social distancing. Check with your tax preparer to see how they handle payments. 
Before you hire a tax professional, visit their business profile to see how they handle payments. Many CPAs and tax experts accept digital payments through Venmo, PayPal, Square Cash, Zelle and other online platforms. More businesses may be changing their payment methods to accommodate social distancing. Check with your tax preparer to see how they handle payments. 

At least a bachelor's degree in accounting or a related field is required for most accountant and auditor job positions, and some employers prefer applicants with a master's degree.[54] A degree in accounting may also be required for, or may be used to fulfill the requirements for, membership to professional accounting bodies. For example, the education during an accounting degree can be used to fulfill the American Institute of CPA's (AICPA) 150 semester hour requirement,[55] and associate membership with the Certified Public Accountants Association of the UK is available after gaining a degree in finance or accounting.[56]
There are lots of reasons why individuals and businesses should consider hiring a professional accountant to prepare their taxes each year. Many benefits could be coming your way, meaning more money in your pocket. Any tax problems or hassles from the IRS can also be avoided when you have a professional accountant working for you. Tax rates change each year, which is another reason it is important to have someone you can turn to during tax season. Franklin P. Sparkman handles tax preparations for both individuals and businesses.

The cost principle states that assets must be recorded on the date they are acquired, and at the amount for which they were acquired (regardless of whether they change in value over time). For example, the hospital records the value of the purchased medical equipment at the precise value it paid for them on May 1, despite the fact that such equipment depreciates over time.


Professional accounting qualifications include the Chartered Accountant designations and other qualifications including certificates and diplomas.[59] In Scotland, chartered accountants of ICAS undergo Continuous Professional Development and abide by the ICAS code of ethics.[60] In England and Wales, chartered accountants of the ICAEW undergo annual training, and are bound by the ICAEW's code of ethics and subject to its disciplinary procedures.[61]
Try for Free/Pay When You File: TurboTax online and mobile pricing is based on your tax situation and varies by product. $0 federal (for simple tax returns) + $0 state + $0 to file offer only available with TurboTax Free Edition; offer may change or end at any time without notice. Actual prices are determined at the time of print or e-file and are subject to change without notice. Savings and price comparisons based on anticipated price increase. Special discount offers may not be valid for mobile in-app purchases.

Periodic Planning – Tax planning can either be of short or longer period of time, if done for less than 12 months, is known as shorter period planning, whereas planning done for more than 12 months is known as longer period planning. For example, there are short term and long-term capital gains taxes depending upon the holding period of assets/investments.

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Data Import: Imports financial data from participating companies; may require a free Intuit online account. Quicken and QuickBooks import not available with TurboTax installed on a Mac. Imports from Quicken (2017 and higher) and QuickBooks Desktop (2017 and higher); both Windows only. Quicken import not available for TurboTax Business. Quicken products provided by Quicken Inc., Quicken import subject to change.
Organizations in individual countries may issue accounting standards unique to the countries. For example, in the United States the Financial Accounting Standards Board (FASB) issues the Statements of Financial Accounting Standards, which form the basis of US GAAP,[1] and in the United Kingdom the Financial Reporting Council (FRC) sets accounting standards.[53] However, as of 2012 "all major economies" have plans to converge towards or adopt the IFRS.[11]
Tax credits are credited to your IRS as payments, just as though you had written the IRS a check for money owed. Most of them can only reduce your tax debt, but the EITC can result in the IRS issuing a tax refund for any balance left over after your tax obligation has been reduced to zero. Again, income restrictions apply. You won't qualify for this tax credit if you earn too much.
A special thing about the earned income tax credit is that even if you don't owe anything in taxes, you can still get the credit amount back from the IRS in the form of a refund. As you can imagine from the chart, a credit of several thousand dollars for workers earning less than $56,000 -- in some cases, much less -- can make a big financial difference for families struggling to make ends meet.
Even though accounting has existed in various forms and levels of sophistication throughout many human societies, and the double-entry accounting system in use today was developed in medieval Europe, particularly in Venice, and is usually attributed to the Italian mathematician and Franciscan friar Luca Pacioli.[9] Today, accounting is facilitated by accounting organizations such as standard-setters, accounting firms and professional bodies. Financial statements are usually audited by accounting firms,[10] and are prepared in accordance with generally accepted accounting principles (GAAP).[7] GAAP is set by various standard-setting organizations such as the Financial Accounting Standards Board (FASB) in the United States[1] and the Financial Reporting Council in the United Kingdom. As of 2012, "all major economies" have plans to converge towards or adopt the International Financial Reporting Standards (IFRS).[11]
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