IRS Tax Relief Report

The IRS has just announced it is waiving the estimated IRS underpayment penalty for millions of taxpayers who fell short this year. It’s not every day the IRS decides to give millions of taxpayers a break, so savor the moment for now. Now let’s break down what this means for the average taxpayer. The IRS […]

ULTIMATE LIST OF TAX DEDUCTIONS AND CREDITS

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 […]

Wedding Loans

Planning a wedding is one of the most exciting times in a person’s life, but marriage is about much more than the romance of that one day. When you become a husband or wife, you also become a financial partner and often a business partner. A prenuptial agreement (prenup) is a way to address many […]

IRS AUDIT TIPS

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. […]

Tax Relief Scams

It’s that time again. Every year, the IRS releases its “Dirty Dozen,” revealing the top 12 tax scams for the year. Being aware of the top scams can help you protect yourself and ensure that you don’t accidentally take part in any fraudulent activity. Looking to stay safe this tax season? Here’s what you need […]

IRS Form 8300

Most transactions leave digital footprints which make them easy to track. But once in a blue moon, people still make large purchases with cash. If you are the payer or payee of a cash transaction on U.S. soil that exceeds $10,000, here’s what you should know about IRS Form 8300. Read on to learn the […]

what is a 1099-c form

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. […]

tax dates due

Ah, tax time. It may not be your favorite time of year, but it’s a necessary evil. And being properly prepared can be the difference between a stressful, exhausting tax season and an efficient, effortless one. Want to be ready for the upcoming tax season? Read on to learn all the tax return due dates […]