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...

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...

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...

Let's take a look at the 2021 filing season. Millions of individuals still await refunds from timely filed 2020 tax returns. As of Sept....

Tax pros support a bill to change the due dates for estimated tax payments CONGRESS by individuals. Currently, estimated payments are due...

We are approaching the end of the year, and that means the IRS has been busy processing and reviewing hundreds of millions of returns!...

If you changed your name because of marriage, divorce, or another reason... Be sure to report the name change to the Social Security...

What federal tax breaks are available if I decide to buy an electric vehicle? Presently, the federal income tax credit ranges from $2,500...

A Social Security tax gets collected from employees and employers in the United States. This money funds a program of the same name...

Medicare is a federal health insurance program in the United States that is for several different groups of people. Most individuals...

Since you are Green Card holder or in other words a “lawful permanent resident”, you face the same range of tax and disclosure...

The saying that something is better late than never applies perfectly to filing your taxes with the IRS. If for some reason you cannot...

Who is an Independent Contractor? An independent contractor is a person or entity contracted to perform work or provide services to...

You might be wondering if you need to file a tax return. While most people who earn an income must file a Federal income tax return, that...

In case you haven’t considered it, hiring your children may be the easiest and legitimate way to cut your taxes. In this article, I am...