July 3 - Time for a Mid-Year Tax Check UpTime to review your 2023 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties.July 10 - Report Tips to EmployerIf you are an employee who works for tips and received more than $20 in tips during June, you [...]
Article Highlights: Late filing penalties Interest Three-year statute of limitations Forfeited refunds If you have been procrastinating about filing your 2023 tax return or have not filed other prior year returns, you should consider the consequences, including the penalties, interest, and aggressive enforcement actions. Plus, if you have a refund coming for a prior year [...]
Article Highlights: IRS Notices CP Series Notice Automated Notices Frequent Errors ID Theft Penalties and Interest What You Should Do What We Will Do Now that most tax refunds are deposited directly into taxpayers’ bank accounts, the dream of opening your mailbox and finding an IRS refund check is all but a thing of the [...]
Article Highlights: Form W-4 Watch Out for Payroll Surprises Tips Odd Jobs Self-Employment Tax Working for Parents ROTC Students Newspaper Delivery Retirement Contributions As the summer break from school approaches, many students are looking for part-time summer employment. Both parents and students should be aware of the tax issues that need to be considered when [...]
Article Summary: Filing Status Deductions New Spouse’s Past Liabilities Combining Incomes Healthcare Insurance Spousal IRA Capital Loss Limitations Impact on Parents’ Returns Social Security Administration Internal Revenue Service U.S. Postal Service Withholding & Estimated Tax Payments Health Insurance Marketplace You think planning a wedding ceremony is complicated? Wait till you see the possible tax issues [...]
Article Highlights: Child Under the Age of 19 or a Student Under the Age of 24 Kiddie Tax Tax on a Child’s Earned Income Deduction for the Business Employment Taxes IRAs and Retirement Plans You might consider hiring your children to help in your business. Financially, it makes more sense to keep the family employed [...]
May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10. Your employer is required to withhold FICA taxes and income tax withholding for [...]
If you were laid off from your job at some point in the last year, at least take comfort in the fact that you are not alone. In 2022 alone, there were approximately 15.4 million layoffs in the United States as per one recent study. About 6.9 million of them happened in the last half [...]
Article Highlights: Filing Due Date Disaster Area Filing Due Dates Extensions Balance-Due Payments Contributions to Roth or Traditional IRAs Individual Refund Claims for the 2019 Tax Year If There is Still Missing Information As a reminder to those who have not yet filed their 2022 tax returns, April 18, 2023 is the due date to [...]
Article Highlights: If You Can’t Pay Automatic Extension in Federally Declared Disaster Areas Family Loans Home Equity Loans and HELOCs Credit Card Short-term Payment Plan IRS Installment Agreement Retirement Funds Filing Extensions Enforced Collections Offer-in-Compromise About 3 out of 4 American taxpayers receive a refund each year when they file their income tax returns, but [...]
