Every year the IRS releases a list of “Dirty Dozen” tax scams for taxpayers to avoid. The list brings awareness to taxpayers, tax professionals, and financial institutions about new developments in the world of tax administration. These tax scams can occur at any time in the year; however, the IRS notices a surge during filing […]
The difference between tax credits and tax deductions is something that can often be misunderstood. Their purposes have a similar end result, and both can play a significant role when you file taxes (namely, to save you money as a taxpayer), which makes knowing their differences crucial. Here are the fundamental differences between tax credits […]
If you’re a freelancer, you’re used to doing everything yourself. While clients can be a challenge at times, you run your work by yourself and never have to rely on anyone else. Of course, doing everything by yourself can become a problem when tax season comes around, and you have to work on your return. […]
Nothing may be more rewarding than laboring all day to clean up a messy house and then seeing how sparkling and new it looks after this hard work. While house cleaning service providers may get this nice dose of satisfaction, they are still like all self-employed professionals who get hit with countless taxes and IRS […]
What does it mean to have a 509(a) status in the United States? What provision does the law offer, and which government agency grants this distinction and oversees them? Organizations that are classified as 501(c)(3) tax exemption status are further classified by the government as one of five types under section 509(a) of the Internal […]
When a loved one or relative passes away, they may leave behind an inherited IRA. As the beneficiary, you may be the recipient of either an inherited Roth IRA or an inherited traditional IRA. Different timelines can affect beneficiaries. Beneficiaries also have rules for handling an inherited Roth IRA or an inherited traditional IRA. Here […]
There are several key tax strategies for investment property owners that can help save money on taxes. You can use tax strategies to defer tax payments or reduce the amount you owe. However, there are different rules for different strategies you must remember. Here are tax strategies for investment property owners. 4 Tax Strategies for […]
If you meet the requirements to take a home office deduction, it might seem like a no-brainer to take it, right? Not so fast. While this deduction can certainly provide a lot of value to your bottom line come tax time, it’s not always in your best interest. There are many variables that you need […]
Did you get hit with some unexpected IRS tax penalties? If you’re in a financial bind and you meet specific criteria, the IRS has options to help you. One-time forgiveness allows certain taxpayers to explain how they may have made errors in their tax filing that resulted in penalties and fees and receive forgiveness. The […]
Regardless of age, working folks will always have one thing in common: the need to file taxes every year like clockwork. And somehow, it’s already that time of year again, where a tax filing can either result in a nice chunk of change in the form of a refund, or a stressful tax bill. It […]
