The 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…
The 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…
Your 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…
Starting 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…
Fraudsters 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.…
If 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…
Due 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…
More people than ever are working from home, so today we’d like to talk about the Home Office Tax Deduction, a topic that many of our readers may find interesting. The first thing to know is that employees are not eligible for this tax deduction. Both homeowners and renters can claim this deduction by filing…
The deadline to file and pay your taxes was July 15. If you filed on time, great! You’ll avoid penalties and interest. However, there are some other things you may need to do. From checking the status of your refund to determining if you have to amend your tax return, we’ve got you covered. Read…
The deadline to file and pay your taxes was July 15. If for any reason you couldn’t file on time, don’t worry; you still have some alternatives, although it’s important to take action now to avoid penalties and interest. Keep reading to discover what’s the best course of action depending on your specific situation. You…