When Tax Issues Become a Criminal Situation in the Eyes of the IRS
Tax Planning, TaxesDue to the admittedly complicated nature of the tax code in the United States, the idea that someone might experience issues when filing is not exactly unheard of. Oftentimes people will calculate certain aspects of their returns wrong, fail…
Divorced, Separated, Married or Widowed This Year? Unpleasant Surprises May Await You at Tax Time
Finance Tips, Tax Planning, Tax Tips Article Highlights:
Separated Taxpayers
Divorced Taxpayers
Recently Married Taxpayers
Widowed Taxpayers
Filing Status
Joint and Several Liability
Who Claims the Children
Alimony
Community Property States
Affordable…
Did You Get a Letter from the IRS? Don’t Panic.
Tax Planning, Tax Tips, TaxesArticle Highlights:
IRS Notices
CP Series Notice
Automated Notices
Frequent Errors
ID Theft
Penalties and Interest
What You Should Do
What We Will Do
Now that most tax refunds are deposited directly into taxpayers’…
Are You an American Living Abroad? Here Are the Essential Tax Facts to Consider
Financial Planning, Foreign Taxes, Tax PlanningIt can be logical to assume that because you've moved out of the country, you no longer have to pay taxes on any money you earn. It can be logical... but it is also incorrect.
Nearly all United States citizens must file a Federal Tax Return…
Tax Exempt Organization Filing Deadline Approaching
2023 Taxes, Charity, Tax Planning, Tax TipsArticle Highlights:
Information Filing
Due Dates
Calendar Year Nonprofit
Fiscal Year Nonprofits
Which Form To File
Extension of Time to File
Late Filing Penalty
Failure To File For 3 Years
State Filing Requirements
Most…
Reconstructing Individual Tax Records
Tax Planning, TaxesArticle Highlights
Advance Preparedness
Cloud Storage
Copies of Returns or Return Transcripts
Records of Personal Residence and Real Property
Vehicles
Personal Property
Business Records
Hurricanes, fires, floods,…
When Can You Dump Old Tax Records?
Tax Planning, TaxesArticle 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
Tax Planning, Tax TipsArticle 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…
Be on the Outlook for Tax Reporting Forms
2022 Taxes, Tax Planning, TaxesArticle Highlights:
Form W-2
Form W-2G
Form 1099-G
Form 1099-MISC
Form 1099-DIV
Form 1099-INT
Form 1099-B
Form 1099-S
Form SSA-1099
Form RRB-1099
Form 1099-R
Form 1098-T
Form 1095-A
Form 1099-NEC
…
Tax Benefits For Parents
Personal Finance, Tax Credits, Tax Planning, Tax TipsArticle Highlights:
Child Tax Credit
Earned Income Tax Credit
Head of Household Filing Status
Child Care
Education Savings Plans
Education Tax Credit
Education Loan Interest
Child’s Medical Expenses
If you are…