Millions of taxpayers look forward to getting a tax refund every year. But are tax refunds a good thing or a wasted opportunity? Every year as tax season rolls around, millions of Americans can’t wait to file for their taxes in anticipation of their big “bonus” check. In fact, there were 31,937,000 refunds issued in […]
In all likelihood, your mortgage is the largest loan you’ll take out in your lifetime. Most Americans spend decades paying off their mortgage — and that means racking up a ton of interest. The good news is there s a tax deduction that can make your life a little easier. The mortgage interest deduction reduces […]
The Earned Income Tax Credit (EITC) is one of the largest credits offered to U.S. taxpayers. Available since 1975, it can help to reduce tax liability or even provide a tax refund. This can provide a helpful financial boost for those with low-to-moderate income levels. Read on to learn what the EITC is and how […]
Have you received the dreaded audit letter from the IRS? While it can feel shocking and stressful, like getting called to the principal’s office, there’s no need for alarm. Many Americans go through audits every year and make it out fine. In 2018, nearly one million taxpayers underwent an IRS audit of their individual returns. […]
Have you received a 1099-C Cancellation of Debt Form from the IRS? If you have, you are probably a little confused. Not many people know that the IRS considers debt forgiveness as a source of income. You could call it a debt forgiveness tax. Yes, if you are lucky enough to get a creditor to […]
In the land between an employee and an incorporated business lives the independent contractor. An independent contractor acts mu9ch like a business owner but don’t meet all the “formalities” that come with being a business. Sometimes called a 1099 employee, here’s a closer look at 1099s, independent contracting, and what it means for tax time. […]
Business Tax ID EIN What is an employer identification number (EIN)? How to find an EIN Does my business need an EIN? How do I get an EIN? Can you use your EIN to make tax deposits? Learn more about EINs and business taxes An employer identification number (EIN) is like a social security number […]
Did you receive an IRS Form 1095-A? If so, you may be wondering what it is and why you need it. IRS form 1095-A (a subcategory of Form 1095) is a Health Insurance Statement provided by the Marketplace. If you signed up for health insurance through the Health Insurance Marketplace, you should receive a 1095-A […]
140 Reasons the IRS can charge you a penalty. Last year, the IRS collected more than $3.4 trillion from taxpayers. Part of that total consisted of more than $11 billion in penalties on individual, trust, and estate income tax returns. [Source] The $11 billion didn’t include penalties on early distributions to IRAs. In fact, there […]
90% of taxpayers either employ a tax preparer or use specialized software to file their taxes. The U.S. tax code is so complex an entire industry exists just to help Americans file their taxes. According to the IRS Commissioner, John Koskinen, 90% of taxpayers require some type of assistance when filing their taxes. It is […]
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