Did you file your taxes late? Do you wonder what happens if you file taxes late? The saying goes, there are only two things guaranteed in life; death and taxes. You’re only human if you’ve lost track of the day and realized too late that tax season had caught you unprepared. There can be a …
What Happens If You File Taxes Late? | The Truth Read More »
The health and economic crisis has negatively affected the well-being of millions of Americans. Most importantly, low-wage workers, certain minority groups, and immigrants are going through a deep economic crisis. The Covid-19 pandemic has resulted in more than 9.5 million workers losing their jobs, and 4 million have been out of work for more than …
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It is essential to know which gifts are taxable income, as the IRS can impose steep penalties for misreporting income.
Each year the IRS (Internal Revenue Service) mails many notices and letters to taxpayers for a variety of reasons. It’s important that you do not panic if you receive notification from the IRS, but you also do not want to ignore it. If you are unsure what is meant by the IRS letter you received, …
The standard deduction is a specific amount decided upon by the Internal Revenue Service (IRS) each year to help lower the taxable income of taxpayers. This amount helps reduce the total of your tax bill each year. While the majority of people take the standard deduction when they file their annual tax returns, there are …
What is the Standard Deduction and How Does it Work? Read More »
It’s never pleasant to think about the death of a loved one, but if there is the possibility that you will receive an inheritance, you may have to pay taxes on it. Of course, the last thing you want to think about when going through a loss is the tax consequences of an inheritance, but …
What is the purpose of withholding tax and how much do you need to withhold in order to make sure you don’t get surprised at tax time? In the most basic of terms, a withholding tax is an amount that an employer withholds from employees’ wages and pays directly to the government. The amount withheld …
There are many types of Taxes, let’s start with federal, state, and local income taxes. If you’re a business owner, you deal with payroll taxes. If you buy something, you may pay a sales tax. Unemployed? You are required to pay taxes on the benefits received from the federal and state government. Important Reminder: Tax …
4 Major Tax Problems & What You Need To Know To Avoid Them Read More »
Quality? Price? Value? This is the daily dilemma facing all Americans when considering buying goods or services. Over the past 15 years, companies have changed their business models in placing a higher importance on delivering MORE in value. Their thinking is people will buy more from us if they perceive they are getting more value …
Charitable deductions are great deductions to take if you donate a lot to charities. A charitable contribution is a tax deduction that you can take if you itemize deductions rather than taking the standard deduction. To maximize your charitable deductions, you need to consider some crucial long-term strategies. With the Tax Cuts and Jobs Act …
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