Category Archives: Tax IRS
Splitting A Tax Refund
Taxpayers have a lot of different choices when it comes to how they receive their federal income tax refunds, one of which is to split the amount among two or three different accounts. Splitting refunds give taxpayers more options for managing their funds. For instance, a taxpayer could send some of the refund to… Read More »
Filing An Identity Theft Affidavit
A person is the victim of identity theft when his or her stolen personal identifiable information (PII) is used to open a credit card, purchase a vehicle, obtain a mortgage, or open an account without that person’s consent or knowledge. Tax-related identity theft, on the other hand, occurs when a taxpayer’s information is used… Read More »
Storm Victims In Georgia And Alabama Qualify For Tax Relief
A state of emergency has been declared in numerous counties in Alabama and Georgia after parts of the states were struck and devastated by as many as 33 tornadoes last month. These storms destroyed many homes and businesses, flipped damaged countless vehicles, and mangled power lines across the state, leaving many homeless, without power,… Read More »
What Is A Refund Offset?
When taxpayers pay too much to the federal or state governments, they are often entitled to a tax refund, or reimbursement for the excess amount. Tax refunds are issued by the Department of Treasury’s Bureau of the Fiscal Service (BFS), which is also authorized to reduce taxpayer refunds and offset them to pay other… Read More »
California Storm Victims May Qualify For Tax Relief
Recently, storms have lashed many of the coastal cities in California, which experienced widespread flooding, sinkholes, and the loss of power across the state. The rain has raised water levels across California, where between December 26th and January 9th parts of the state saw more than six times the amount of rain as is… Read More »
Reporting Your Tips
Individuals who work in the service industry often receive tips for their customer service. It comes as a surprise to many people that these tips often qualify as taxable income, so if you work in a restaurant, hotel, salon, or similar industry and have questions about your obligations in regards to your tips, consider… Read More »
Victims Of Hurricane Ian Qualify For Tax Relief
Hurricane Ian, which saw winds of 155 mph and flooding of up to 12 feet, has displaced an estimated 40,600 people in Florida. In recognition of the many hardships being faced by these residents, the IRS has offered tax relief to anyone with an address of record located in any FEMA designated disaster areas…. Read More »
401(k) And IRA Limits Increased For 2023
In 2022, taxpayers who wanted to contribute to 401(k) plans could only contribute up to $20,500. Similarly, the contribution limit for annual contributions to IRAs was capped at $6,000. However, due to a recent change put in place by the IRS, these numbers have been increased for 2023. Contribution Limits for 401(k)s The IRS… Read More »
Planning Your Retirement With An IRA
There are a lot of ways to plan for retirement. One of the most common, however, is to invest in an Individual Retirement Arrangement, or an IRA. These kinds of accounts provide tax incentives for making investments that can help provide financial security later on in life. IRAs can be held by a bank,… Read More »
What Businesses Should Know About Backup Withholding And Reporting Non-Employee Compensation
Companies that hire independent contractors aren’t usually responsible for withholding income taxes, Social Security, or Medicare taxes from the pay of those individuals. They are, however, still required to report non-employee compensation of $600 or more to the IRS, using Form 1099-NEC. These forms must usually be submitted by January 31st every year. Where… Read More »
