The IRS always seems to have a surprise for the unsuspecting taxpayer. As the 2023 tax season comes to an end, here's a True or False quiz to test your knowledge of what's taxable. Scholarships are never taxable. False. If you get scholarship money to cover tuition,...
With tax season officially underway, below are a number of tips to make filing your return as stress-free as possible: Gather your tax information for filing. Items you'll need include W-2s, 1099s, K-1s and other forms you receive from your business, employers,...
It’s not too late to try and minimize your taxes for 2023. If you haven’t scheduled a tax planning session, now is the best time to do so. Here's how a tax planning session can potentially help your situation: It can make a difference. This is especially true if you...
Think twice about automatically paying the amount due on a notice from the IRS. Our national tax collection agency is not always right! If you receive a notice from the IRS, do not automatically assume it is correct and submit payment to make it go away. For instance,...
Taxes can affect many areas of your life. Here are some common situations when you'll want to schedule a tax review. Something Changed in Your Life A change in your life could mean significant changes in your tax status. Some of these changes include: Getting married...
The IRS has reminded employers that the New Electronic Filing Threshold for Forms W-2, W-2c, and 1099s New lower threshold for required electronic filing of information returns applies to tax year 2023 Forms W-2, Wage and Tax Statement, because they are required to be...
Did You Receive a Letter from the IRS to Verify Your Identity? The IRS has been sending Letter 5071C to various taxpayers. This letter states that the IRS has received a tax return for year 2022 using your name and social security number. If you have filed your 2022...
