Standard Deduction vs Itemized Deduction

Standard Deduction vs Itemized Deduction

Standard Deduction vs Itemized Deduction—What’s the Difference? Understanding the difference between the standard deduction and itemized deduction is really fairly simple. Understanding the implications of the difference— how they might matter to your bottom...
Education Tax Credits and Deductions

Education Tax Credits and Deductions

PRIME’s tax experts help you understand how to take advantage of education tax credits and deductions.  If you paid for college in the last year—for yourself, your spouse, or your dependent—you may be able to claim the American opportunity tax credit (AOTC) or the...
Understanding Military Tax Benefits

Understanding Military Tax Benefits

Military Tax Benefits Here at PRIME Corporate Services, we’re eternally grateful for the bravery and dedication shown by  the members of our nation’s military. That’s why we’re thrilled to share some tax benefits that are only available to those who serve in the Armed...
Get Paid Back for Keeping Employees

Get Paid Back for Keeping Employees

Calling all small businesses affected by COVID-related shutdowns and disruptions – Did you know you may be eligible for 2020 – 2021 employee retention tax credits of up to $26,000 per employee?   For example, if you have five employees at an average credit of...
What Are Tax Loss Carryforwards?

What Are Tax Loss Carryforwards?

What Are Tax Loss Carryforwards, and How Can They Help You? If you’re an email subscriber or a follower of this blog, you’ve heard us mention tax loss carryforwards before. A tax loss carryforward (also known as a carryover) can be an important part of your tax...
What’s Going On With the IRS?

What’s Going On With the IRS?

Important Tips for Navigating a Tricky Tax Season in 2022 With the possible exception of a few extra earnest CPAs, nobody gets really excited when tax time rolls around. Tracking down receipts, figuring out whether it makes sense to itemize your deductions, and...