Worried About Getting Audited? Here's What You Need to Know About Your Chances

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If you've been following the news recently, you're no doubt familiar with the talk about the Internet Revenue Service hiring new agents during a time when they've been critically understaffed for years. Indeed, the IRS is expected to receive…

Important May 2023 Due Dates

May 2023 Individual Due Dates May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May…

What is the Difference Between an HSA and a Health FSA?

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Article Highlights: Flexible Spending Accounts Common Features of an FSA FSA Allowable Medical Expenses  Unused Amounts (Use It or Lose It) Health Savings Accounts Enrolled in Medicare Covered Under a High-deductible…

When Can You Dump Old Tax Records?

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Article Highlights: General statute is 3 years Some states are longer Fraud, failure to file and other issues can extend the statute Keeping the actual return Taxpayers often question how long records must be kept and the…

Don’t Get Hit with IRS Underpayment Penalties

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Article Highlights: Pay-as-You-Earn System Withholding and Payment Forms IRS On-line Withholding Estimator Situations Triggering Underpayments Safe Harbor Payments True Safe Harbor Under federal law, taxpayers must pay…

Has Technology Disrupted Your Business Model? Here's What to Do Next

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Think for a moment about the many ways that the world has changed since Steve Jobs first introduced the iPhone to the world in 2007. Overnight, entire industries were upended. Nobody needed a standalone camera because they were suddenly carrying…

Want to Improve Your Cash Flow? Shorten the Amount of Time it Takes to Get Paid

To say that things are uncertain right now when it comes to the economy is, in all probability, a bit of an understatement. Inflation is at levels we haven't seen in decades. Employment costs are rising across the board. Materials in a number…

Looking for Quick Cash? Try to Avoid Retirement Savings

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Article Highlights: Early-Withdrawal Penalties Reduction in Retirement Savings Exceptions from the Early-Withdrawal Penalty If you find yourself looking for a quick source of cash, your retirement savings may look like a tempting…

Have You Lost Your Job? Here's What You Need to Know About Taxes

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If you were laid off from your job at some point in the last year, at least take comfort in the fact that you are not alone. In 2022 alone, there were approximately 15.4 million layoffs in the United States as per one recent study. About 6.9…

It’s Not Too Late for an IRA Contribution

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Article Highlights: Contribution Due Date Age Rules Compensation Rules When To Contribute Contribution Limits Deductibility & Benefits Saver’s Credit Choosing Between Traditional & Roth IRAs Most of the…