Category Archives for AVOIDING TAX PROBLEMS
IRS Reduces Backlog, Needs to Extend Penalty Relief
The Internal Revenue Service is making progress on its backlog of unprocessed tax returns, as it's asked by the American Institute of CPAs to extend its recently announced penalty relief through the end
Read MoreIRS Sent Erroneous Balance Due Notices to Married Filers
The Internal Revenue Service admitted that some married couples received erroneous or incorrect balance due notices for their 2021 tax returns.The IRS added that no immediate response to the notice or
Read MoreWhat You Should Know About Winning a Lottery Jackpot
It’s definitely not likely you’ll hit big. But if you win, you could be happy for years to come – no matter what the naysayers tell you about winning a lottery.Your Chances of Winning Big are Itty
Read MoreHow Bonuses are Initially Taxed May Create Tax Issues
If your bonus doesn't have the proper withholdings taken out up front, it may create taxes due when you file your tax return.This has been an ongoing issue for people who are paid bonuses during the tax
Read MoreDeducting Mortgage Interest when Your Name is Not on the Deed
Tax law has an exception for unconventional “homeowners”. If you are able to “itemize” your deductions, you can deduct the mortgage interest payments even when the deed to the house and the mortgage
Read MoreWhat Independent Contractors Need to Know About Taxes
If you’re self-employed or a freelancer, you are likely paid as an independent contractor rather than as an employee. And paying taxes as an independent contractor is different from paying employee taxes.Many
Read MoreHow to Pay No Income Taxes
Find out what it takes to be part of the "44%" who don't pay taxes.You've probably heard about the famed 44% of Americans who pay no income taxes at all. How do you join this club? Here are several ways
Read MoreCan you claim the home-office deduction?
Did you work from home this year? Find out when you can claim the home-office tax deduction. If you were part of the “Great Resignation” and it lead you to start a business or become your own
Read MoreCompanies Worry About Crypto Accounting & Taxes
Businesses that have been investing in cryptocurrencies like Bitcoin and Ethereum are dealing with uncertainty regarding crypto accounting and taxes as the Securities and Exchange Commission and the Internal
Read MoreThe IRS is Going on a Hiring Spree
The Internal Revenue Service is looking to hire more than 5,000 employees in three cities over the next few months, and another 5,000 employees over the course of the next year. It has also added voice
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