If you just received a notice that your taxes are being audited: what does it mean? A Tax Audit is an accounting procedure where the IRS...

According to the IRS, records should be kept for 3 years from the date you filed your original return, and for 7 years if you file a...

You must file an amended tax return entering the corrected info and an explanation of why are you changing your report. Based on the...

What to do: Verify why exactly the IRS sent you a letter. The agency categorizes notices to: – information letters (the agency wants to...

Should keep your individual federal tax returns for at least three years. As a general rule, that's how long IRS has to question items on...

Get ready to launch a solo 401(k) retirement plan Most contributions and other limits for retirement plans only budged slightly for...

It is critical that business owners correctly determine whether the individuals providing services are employees or independent...

Substance over form. Have you received a W-2 or 1099 with an error? Check forms carefully to ensure accuracy. If you discover a mistake,...

Low-incomers needn't pay back credit overpayments. But others will have to. Families with 2021 modified adjusted gross incomes at or...

The monthly child credit payments aren't taxable. On your 2021 Form 1040, which you file next year, you'll reconcile the payments you got...

I had a car crash last year, my car was completely destroyed. The insurance company has sent me a $ 7500.00 USD check. Do I need to pay...

I opened a corporation in December of last year. I did not have any operations or activities. Do I need to file taxes for my business?...