Category Archives: Tax IRS
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 »
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 »
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 »
What You Should Know About Tax Refunds
While many people don’t look forward to tax season, most have warmer feelings towards tax refunds, which follow soon after. Collecting a refund is not, however, always a simple endeavor, so if you want to learn more about filing a tax return or have questions about the best way to track or collect a… Read More »
IRS Begins Issuing Advance Child Tax Credit Payments
Recent changes to the Child Tax Credit could have a significant impact on families across the country. For instance, the IRS began paying half of the total credit amount in advance monthly payments to eligible taxpayers in mid-July. Qualifying taxpayers can expect to receive the other half when they file their 2021 income tax… Read More »
Tax Tips For New Parents
Becoming a parent for the first time can be physically and emotionally overwhelming, so it should come as no surprise that many new parents forget about, or are not aware of, the tax implications that are associated with adding a new member to your family. As a first-time parent, you have enough on your… Read More »
Preparing For A Business Tax Audit
Even those who make every attempt to be accurate when completing their business income tax returns could end up the subject of an IRS audit. Fortunately, there are steps that taxpayers can take to make the process go more smoothly, so if you recently received notice of an IRS audit, you should think about… Read More »
Tax Relief For Spouses Via Separation Of Liability
There is nothing more frustrating for a person than to find out that he or she owes a tax debt that was actually accrued by a former partner. Fortunately, there are ways to avoid having to pay debts for which a spouse was responsible, so if you are disputing a tax debt, you should… Read More »
Do I Qualify For Innocent Spouse Relief?
Many married taxpayers file joint tax returns, as doing so comes with certain tax-related benefits. There are, however, some limitations that come with filing taxes jointly. For instance, by filing jointly, taxpayers are agreeing to be held jointly and severally liable for any taxes that they owe, including interest and penalties. Basically, this means… Read More »
