How was filing your tax return this year? Now that the joy of tax season has come to a close, it’s the perfect time to start thinking about next year’s filing. Let’s face it, taxes can be a bit of a headache, but with some proactive steps, we can make the process a whole lot […]
So you’ve filed your tax return with the IRS and are looking forward to getting your refund. But day after day, it doesn’t arrive. Why? There are several possible reasons why it hasn’t hit your bank account. Most require no further action from you; it’s simply a matter of waiting. The most common causes of […]
The details of refundable and non-refundable tax credits can be confusing. But the difference between the two matters; they can have a direct on how much you owe or receive as a refund at tax time. Tax Deductions vs Tax Credits: Tax deductions reduce taxable income, lowering the amount subject to taxation. They include […]
The Innocent Spouse Relief and Injured Spouse provisions are separate mechanisms within the U.S. tax code, each aimed at helping spouses facing tax challenges related to the other spouse. Innocent Spouse Relief Purpose: Protects individuals unfairly burdened by a partner’s errors on a joint tax return. Situations that may qualify are underreporting of income, inaccurate […]
Have you ever needed to verify information related to your taxes and tried to call the IRS? It can be a frustrating experience. Luckily, there are official IRS documents, transcripts, you can request that provide taxpayers with a comprehensive overview of their tax-related history. But why do these transcripts matter so much? First and foremost, […]
As a self-employed influencer, taxes can significantly impact your income. You’ve probably found yourself wondering if there are ways to reduce your tax bill legally. Thankfully, the IRS recognizes that some expenses are necessary to run your business and allows you to deduct them from your business income before it is taxed. This in turn […]
When it comes to taxes, several penalties can be assessed if you don’t do things as required by the IRS. One of these is the Failure-to-Pay penalty. It kicks in if you don’t pay what you owe by the original due date on your tax return. The amount of the penalty depends on how much […]
Admit it, you’re addicted to true crime shows. Well, the IRS has you covered with their Criminal Investigation (CI) unit. Each month they release a report of the cases that have been closed. Included in December’s round up are convictions and prison sentences for the following taxpayers and tax preparers. Enjoy. Riverview, FL – […]
On October 19, 2023, the IRS unveiled procedures enabling taxpayers to withdraw previously filed claims for the Employee Retention Credit (ERC). This decision followed the suspension of processing new ERC filings on September 14, 2023, as a response to a surge in improper claims since the ERC’s inception in 2020 amid the COVID-19 response. The […]
As the calendar inches closer to the year-end, it’s time to put on your financial planning hat and take strategic steps to optimize your tax situation. Making smart moves in the next few weeks can potentially reduce your tax liability and save you money. Let’s delve into some high-impact actions you can take before December […]
