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What’s the $600 limit on Venmo for taxes? The IRS has announced third-party settlement organizations will not be required to report the tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021. Instead, the reporting …
2022 Taxes Checklist Whew! Another year, another birthday, and what about those frigid temps for the end of December!? When it gets to the end of the year we tend to think of family, warm fires, and enjoying all those people we love. Call us cynical but, we are thinking of taxes and deductions, forms …
At the beginning of each year, millions of Americans spur into action to file their taxes – many fueled by fear of owing the IRS money or, more likely, motivated by receiving a tax refund. As hard as it is to believe, at least 10% of Americans are still waiting for their 2021 tax refunds …
following the mid-year standard mileage rate Increase, IRS raises it again for 2023 Updated: 1/27/2023 The Internal Revenue Service has announced another increase in the optional standard mileage rate for 2023. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For …
Due to the rising concerns about declining taxpayer compliance and the IRS equitably selecting taxpayers to audit, The Government Accountability Office (GAO) studied the past 10 fiscal years to discover trends that lead to an income audit rate decrease. The Government Accountability Office (GAO) issued its findings in a report on the audit rates of …
Am I Overpaying My Taxes? Are you one of the millions of business owners who overpay their taxes? If so, you’re not alone. According to Forbes magazine, 93% of business owners overpay in taxes every year. With the help of a dedicated CPA, we can help you minimize your tax bill! How To Avoid Overpaying …
What is a Federal Tax Lien? When business owners and individuals don’t pay the income tax they owe, the federal government has methods of recovering the debt. A federal tax lien is one of those tools. A federal tax lien (also called an IRS tax lien) is a legal claim that lets the lienholder take …
As you likely are aware, the United States Federal Government gives out many tax credits that are designed to incentivize certain types of behavior. One example is helping people attend college or another four-year institution. For individuals like this, the American Opportunity Tax Credit may be an ideal way to save money on your taxes …
As many taxpayers have noticed, refunds have been slower than usual for the past few years. This is due to a variety of issues, including the ongoing COVID-19 pandemic and staffing shortages. Fortunately, the IRS has issued a tax refund return timeframe about when taxpayers can expect to get their refund this year. However, there …
Are you expecting a tax return this year? If so, it’s time to start considering common errors, plus one glitch concerning the child tax credit affecting some fax filers. The IRS is warning tax filers that the current backlog is already causing delays, so when filing, it’s essential that your returns are accurate to prevent …
