Author Archives: Jay Butchko
A Few Important Tax-Related Tips for Gig Economy Workers
Employment as a gig economy worker is becoming ever more popular as a flexible way to earn some extra money. Whether someone is working for a ride-sharing company, renting a room, delivering food, or working for a company that outsources its labor, he or she will need to keep track of the funds they… Read More »
Some Year-Round Tax Planning Pointers
While submitting a tax return can feel like a sigh of relief, the reality is that just because a taxpayer files a tax return doesn’t mean that he or she can forget about taxes until the next year. In fact, the kinds of tax planning taxpayers engage in during the year can affect how… Read More »
Preparing to File Your Tax Return
The IRS gives taxpayers who cannot meet the April tax filing deadline extra time to submit their returns if they request an extension by April 18th. In these cases, filers have until mid-October to complete and file their returns. This does not mean, however, that taxpayers should put off filing until the deadline. Those… Read More »
IRS Officers No Longer Permitted to Make Unannounced Visits
In July, the IRS announced a major policy change that will effectively end unannounced visits from agency revenue officers. The new policy went into effect immediately and except in a few specific circumstances, will bar IRS employees from showing up at taxpayer homes with no notice. Instead, these visits will be scheduled ahead of… Read More »
Protecting Your Personal Information During a Natural Disaster
In light of the recent storms in Florida, taxpayers across the state are being encouraged to reassess their emergency preparedness plans and as a part of this endeavor, to take steps to protect their personal and tax-related information. Read on to learn more about a few precautionary measures that you can take to protect… Read More »
Taxpayers May Qualify for Expanded Home Energy Tax Credits
Taxpayers who make energy efficient updates to their primary residences this year could be entitled to home energy tax credits, such as the Energy Efficient Home Improvement Credit and the Residential Clean Energy Credit. To learn more about who qualifies for these credits, or for help with another tax-related question or concern, reach out… Read More »
What is an Offer in Compromise?
An Offer in Compromise is a type of IRS payment plan that allows taxpayers to settle their tax debts for less than the full amount of what they owe to the agency. When determining whether someone is eligible for an Offer in Compromise, the IRS looks at a variety of factors, including the person’s… Read More »
What to Know About Traditional Individual Retirement Arrangements (IRAs)
Individual retirement arrangements (IRAs) are a type of personal savings arrangement that gives taxpayers a number of tax advantages when they set money aside for their retirement. There are a number of different types of IRAs, all of which can be set up with a bank, an insurance company, or another kind of financial… Read More »
Many Taxpayers Still Owed Refunds
According to the IRS, more than 1.5 million taxpayers are still eligible for a refund for tax year 2019, but cannot claim it until they submit a tax return for the same year. The agency estimates that these refunds total nearly $1.5 billion, with an average median refund of almost $900. In most cases,… Read More »
IRS Payment Plan Options
Fortunately, just because a taxpayer cannot pay what he or she owes to the IRS in full, does not mean that that person is out of luck. This is because the IRS offers a number of payment plan options, including both short and long-term installment agreements. We’ve included information about a few of those… Read More »
