Day: January 20, 2021

When most people think about taxable income, they picture their paychecks and maybe investment earnings. But the reality is that the IRS keeps tabs on far more than just your regular income. Certain transactions and life events can trigger unexpected ...

Tax collection in the United States is fundamentally based on a system of voluntary compliance. This means that individuals and businesses are expected to report their income and pay their taxes as outlined in the tax code, and to adhere ...

Tax season isn’t just a time to gather documents and file returns—it’s also a prime opportunity for scammers looking to steal personal and financial information. To keep your information safe and avoid falling victim to these schemes, it’s essential to ...

As tax season approaches and informational forms start arriving, it’s important to carefully review them for accuracy. One key detail to verify is whether you’re sending and receiving the correct forms. Whether you’re an employer sending information to employees or ...

The Child & Dependent Care Credit is a critical part of many people’s tax returns. It gives you a reduction in taxes to help pay for the cost of daycare while you work. Here’s how it works! What Do You ...

The IRS reports on dozens of tax scams it comes across every given year. The phishing scam is all too common, so it pays to get a refresher on what it’s all about—and how to keep clear of it! How ...

Tax professionals often recommend shifting your tax burden from one year to the next—but what exactly does it mean? Putting this into practice requires careful planning and a clear understanding of your financial situation. By understanding the rules and leveraging ...

Since the IRS automatically runs a name match on just the first few letters of your last name, it’s critical to get any name changes finalized before filing your tax return. If you were married, divorced, or changed your name ...

As the year winds down, it’s the perfect time to evaluate your financial situation and make strategic decisions to minimize your tax bill. From charitable giving to maximizing retirement contributions, year-end planning can significantly impact your tax savings! Top Strategies ...