Tax Planning for Small Business
Small businesses may navigate the difficult world of tax preparation and achieve better financial success with the correct strategy and a commitment to remaining prepared.
Personal Taxes
Taxpayers should hang up if tax season scammers come calling
IRS Tax Tip 2023-02, January 9, 2023 The tax filing season is a popular time for scammers to call and try to dupe unsuspecting taxpayers. These thieves often make threatening or alarming calls posing as the IRS to try to steal taxpayer money or personal information. However, it’s easy for people to recognize this scam […]
If You Give or Receive Cash, You Need to Know These 6 tax rules
The IRS may require you to report whether you are giving or receiving cash. You must be aware of when and how to report money to the IRS, whether you give financial gifts to family members or earn cash tips as part of the gig economy.Depending on whether cash is considered income or a gift, […]
The IRS Issues a 50% Penalty for Failing to Make Required Retirement Withdrawals.
Over the years, millions of Americans had small amounts of money taken out of their paychecks before taxes were collected and put into retirement plans. The Internal Revenue Service is reminding these taxpayers, who are either already retired or getting ready to retire, that they have to take money out of their retirement accounts.The IRS […]
New IRS Rule Concerning Payments Via Venmo, Cash App & PayPal May Affect Millions.
Taxpayers may be “shocked” by the lower bar for reporting Venmo, Cash App & PayPal revenues. Online earners in the United States may be in for a harsh surprise when they submit their taxes in 2023. This is due to the fact that starting in 2018, taxpayers will have to report to the IRS any […]
IRS: Taxpayers now have more options to correct, and amend returns electronically
Taxpayers can now amend forms electronically IR-2022-130, June 23, 2022 WASHINGTON — The Internal Revenue Service announced today that more forms can now be amended electronically. Taxpayers can amend forms electronically. These include people filing corrections to the Form 1040-NR, U.S. Nonresident Alien Income Tax Return and Forms 1040-SS, U.S. Self-Employment Tax Return (Including the […]
Dirty Dozen: Scammers use every trick in their communication arsenal to steal your identity, personal financial information, money, and more
IR-2022-121, June 8, 2022 WASHINGTON — Suspicious communications in all its forms designed to either trick, surprise or scare someone into responding before thinking is No. 7 on the 2022 “Dirty Dozen” scams warning list, the Internal Revenue Service announced today, warning everyone to be on the lookout for bogus calls, texts, emails, and posts online to […]
Why taxpayers should have their tax refund direct deposited
IRS Tax Tip 2022-14 As the 2022 filing season begins, the IRS encourages taxpayers to file electronically when they are ready and choose direct deposit to get their refund. Direct deposit is the safest and most convenient way to receive a tax refund.Read the full article on IRS.gov HERE.
Here are reasons people who don’t normally file should file a 2021 tax return
COVID Tax Tip 2022-08, January 13, 2022 With tax-filing season is just around the corner, this is a good time for those who don’t normally file to consider the benefits of filing a 2021 tax return. Filing can help them claim a refundable tax credit or get an income tax refund. Read the full story […]
IRS sending important letters to stimulus check, child tax credit recipients
IRS: Hold onto two letters before 2021 tax filing season Americans who received the third round of stimulus checks or an advanced child tax credit payment should be on the lookout for two important letters from the Internal Revenue Service. The IRS said that it began issuing the letters on child tax payments in December […]
