Category Archives for FEDERAL TAXES
What 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 MoreIRS cites 1700 cases of unauthorized access of taxpayer data
The Internal Revenue Service has investigated nearly 1,700 cases of unauthorized access of taxpayer data by its own employees in the past decade, and over one-fourth of them turned out to be violations
Read MoreIRS destroyed 30M paper information returns
Because of an IRS backlog of paper tax returns and its inability to process them, the agency decided to destroy an estimated 30 million paper-filed information return documents in March 2021, according
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 MoreCybersecurity firm warns of a new threat to tax pros
As tax season comes to a close, researchers at a cybersecurity company are seeing a new type of phishing attack embedded within documents sent via email to tax professionals.Consumers aren’t the
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