Economic Impact Payments (EIP) were distributed to millions of taxpayers impacted by the coronavirus outbreak. The measure has been a success, but there is a small thing you must make sure to do when you receive your payment: Don’t forget to keep Notice 1444.
DetailsThe holiday season is just around the corner but that doesn’t stop scammers from trying to take advantage of unsuspecting victims. Keep reading to learn more about a scam you should be on the lookout for over the next weeks. Gift Cards Are NOT Used to Make Tax Payments No doubt, gift cards are a…
DetailsThe IRS announced its Taxpayer Relief Initiative, a provision that aims to help taxpayers impacted by the Coronavirus pandemic. The measures include, among other things, more time to resolve tax liabilities and more flexible terms to set up Installment Agreements. If you qualify for a short-term payment plan you may now have up to 180…
DetailsTaking the time to learn more about taxes is always a smart decision. However, the world of taxes is filled with terms that may be obscure for the uninitiated. That’s why today we’d like to share with you 7 essential tax terms. Direct Deposit This is considered the best and fastest way for taxpayers to…
DetailsYour filing status is one of the most basic pieces of information when it comes to taxes. It determines the amount of taxes you pay, the credits you can claim, and your standard deduction amount, among other things. Generally speaking, your filing status depends on whether you are single or married on December 31. That…
DetailsThe deadline to file your taxes if you requested an extension is just around the corner. You should file your return on or before Thursday, October 15 to avoid penalties and interests. What If I Haven’t Filed and Didn’t Request an Extension? The original filing deadline was July 15 because this year Tax Day (that…
DetailsStarting a new business is an exciting adventure. But to ensure success, you must pay attention to every detail, and that includes choosing the right structure for your business. This decision determines many important factors, such as how much to pay in taxes, and the paperwork you are required to complete. If you don’t have…
DetailsFraudsters never rest, not even during a global crisis like the COVID-19 pandemic. In fact, you could make the case that they look forward to moments of general confusion to take advantage of unsuspecting victims. That’s why today we would like to talk about four types of tax-related scams that are on the rise. 1.…
DetailsIf you requested an extension to file your 2019 tax return, then there’s an important date you should keep in mind. Taxpayers who requested an extension have until Thursday, October 15 to file their taxes. The original deadline was July 15, but taxpayers had the option of requesting an extension so long as they paid…
DetailsDue to the COVID-19 outbreak, over the last several months millions of Americans have received taxable unemployment compensation for the first time. With every “first” come many details that are worth keeping in mind. That’s why today we’d like to remind you that unemployment compensation is taxable, and it’s advisable to retain those taxes now…
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