Over the past year, the IRS has taken strides to digitize paper returns and make the filing process more convenient for taxpayers. On March 14th, the IRS unveiled an electronic filing (e-filing) system for Form 8300, Report of Cash Payments Over $10,000. This…
Nobody wants additional scrutiny from the IRS, right? If your tax return is extended, does it wave a red flag in the IRS system? Does it make your return more likely to be selected for an audit? Not at all.…
If you have a tax-advantaged retirement account, such as an IRA or 401(k), you know the importance of saving for retirement. It’s wonderful to have a nest egg out there, ready to draw on if needed, right? But your Uncle…
The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable struggling businesses to retain employees. Even though the ERTC expired for most employers at the end of the…
The IRS announced it will open the 2024 income tax return filing season on January 29. That’s when the tax agency will begin accepting and processing 2023 tax year returns. Here are answers to seven tax season questions we receive…
The so-called “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates instead of at the usually much lower rates that a child would otherwise pay. For purposes…
One of your New Year’s resolutions may be to pay more attention to your health. Of course, that may cost you. Can you deduct your out-of-pocket medical costs on your tax return? It depends. Many expenses are tax deductible, but…
