Recent Blog Posts
Do I Need A Tax Transcript?
Taxpayers who need to verify their identity or provide proof of income could benefit from a tax transcript, which shows a wide range of tax-related information. The type of transcript that a person needs, however, will depend on the exact information he or she is looking for, so if you need help accessing your… Read More »
Recent Changes To Retirement Plan Distribution Rules
Under the federal tax code, retirement plan account owners are usually required to begin taking required minimum distributions (RMDs) when they turn 70 and one-half or 72 years old, depending on their birth date and when they retired. Not all retirement plans require RMDs, but many do, including traditional employee pensions and 401(k) plans…. Read More »
Expanded Tax Credits For Families
This year, the IRS is offering a variety of expanded tax credits for families. Many individuals who don’t normally need to file tax returns should consider doing so for their 2021 returns, so that they can take advantage of these benefits, which will come with larger refunds for qualifying taxpayers. To learn more about… Read More »
New Rules For Charity Deductions
Taxpayers who are getting ready to file their 2021 tax returns should be sure to account for the many changes instituted by last year’s passage of the American Rescue Act. For instance, this year, taxpayers can now more easily qualify for charitable tax deductions, regardless of whether they use standard or itemized deductions. For… Read More »
Reporting Tips As Income On Your Tax Return
Tips are often a vital part of the income earned by those who work in the service industry. And like most forms of income, they are taxable. Unfortunately, many people don’t understand the tax obligations that come with earning tip income. To ensure that you don’t end up stuck with a surprise tax bill… Read More »
Tax Tips For Parents Who Shared Custody In 2020
We often receive tax-related questions from parents who share custody of their children, like who can claim that child as a dependent and who is entitled to the child tax credit. These questions have become even more pressing over the last couple of years, with many parents unsure about how the Economic Impact Payments… Read More »
Your Social Security Benefits Might Be Taxable
A new tax season has officially arrived, so taxpayers should consider brushing up on this year’s credits, deductions, and extensions. It’s also important to remember that those receiving Social Security benefits may be required to pay federal income taxes on a part of those benefits. To learn more about what types of taxes you… Read More »
Avoiding The Accrual Of Penalties And Interest On Unfiled Taxes
Although the deadline for filing taxes officially passed in mid-May, taxpayers who have not yet filed their taxes are not totally out of luck. In fact, taxpayers who are due refunds, but who missed the tax filing deadline, won’t be assessed a penalty for filing late. Regardless, taxpayers who missed the filing deadline and… Read More »
Understanding A Request From The IRS For Supporting Documentation
The IRS communicates with taxpayers primarily by mail. The agency sends CP75 or CP75A notices, for instance, when it needs additional documentation to resolve an issue. In most cases, taxpayers who receive this notice have done so because the IRS is auditing their tax return and needs more information to verify items that they… Read More »
Filing An Information Return
While most people are familiar with standard income tax returns, many are unaware of the existence of information returns. These returns must be completed by any taxpayers who are engaged in a business, including partnerships, estates, and trusts and who make reportable transactions during the year. There are a number of rules in place… Read More »
