Holiday Family Employment Tax Benefits

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Article Highlights:  Employing a Child Child Payroll Taxes FUTA Tax for a Child Child IRA Contributions Child Tax-Free Income Spouses Working in the Same Business Partnership Spousal Joint Venture Spouse Employee Along…

Ways To Save on Your Taxes If You are Laid Off 

If you've been following the news recently, you're no doubt aware of a massive round of layoffs that struck one of the most popular social media sites in existence, Twitter. Under the direction of new owner Elon Musk, it was estimated that as…

The IRS Achieves a 90% Conviction Rate, or: "Why You Shouldn't Cheat on Your Taxes"

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There's an old saying that reminds us that there are only two certainties in this life: "death, and taxes." Whoever coined that phrase couldn't have known how true it was, particularly when it comes to the latter portion. The Internal Revenue…

What Is an Offer in Compromise?

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Carrying long-term debt is a challenge, but when the money is owed to the government and you see no way to pay what you owe, it can be psychologically and emotionally debilitating. Some people think they can turn to bankruptcy, but that is not…

Multiple Tax Needs Filled By Health Savings Accounts

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Article Highlights: Medical Savings Account Retirement Account High-Deductible Plan Eligible Individuals Monetary Qualification for an HSA  Qualification Chart Maximum Contributions Establishing an HSA The Health…

Bunching Your Deductions Can Provide Big Tax Benefits

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Article Highlights:  Itemized Versus Standard Deductions Medical Expenses Taxes Charitable Contributions If your tax deductions normally fall short of itemizing your deductions or even if you are able to itemize, but only…

IRS Providing Penalty Relief to 1.6 Million Taxpayers

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Article Highlights: Penalty Relief 2019 & 2020 Tax Returns Includes 1040, 1120, Certain 1099 Series Filings Refunds Are Automatic September 30, 2022, Deadline The First-Time Abatement Penalty Relief To help struggling…

Not All Interest Is Deductible for Taxes

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Article Highlights:  Interest Categories Category Deductibility Interest Tracing Rules A frequent question that arises when borrowing money is whether or not the interest will be tax deductible. That can be a complicated question,…

What Do You Do If the IRS Wants to “Audit” Your Tax Return?

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The word “audit” tends to strike fear in the hearts of American taxpayers, but the truth is that not every audit is a result of a problem, or that the Internal Revenue Service suspects you of wrongdoing. There are several reasons why the…

Do You Understand Tax Lingo?

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Filing status. Adjusted gross income (AGI). Taxable income. Marginal tax rate. Alternative minimum tax (AMT). Tax Credits. Underpayment of estimated tax penalty. When discussing taxes, reading tax-related articles or…