From the taxes Tag

Eligibility for the 2021 Earned Income Credit (2/2)

The IRS recently highlighted revised eligibility rules for the Earned Income Credit. While many of the changes apply only for tax year 2021, several new rules will hold for future years as well. If […]

Eligibility for the 2021 Earned Income Credit (1/2)

The IRS recently highlighted special 2021 rules for the credit that significantly increases the number of Americans eligible to claim the EITC. If you have earned income (such as wages, tips or self-employment earnings) […]

IRS Suspends Sending Notices Due to Return Processing Delays – Did You Know?

As a result of pandemic-related issues, the IRS has a backlog of millions of original and amended 2020 and 2019 tax returns awaiting processing. This situation creates a risk that taxpayers who have met […]

Save Yearly Income Statements for a Smoother Tax Season

Many taxpayers will receive year-end income statements from employers, banks, stock issuers and other sources in January and early February. Make sure to save each document, so you can refer to it for your […]

Protecting Yourself from Tax Related Identity Theft – Did You Know?

Tax related ID theft is when someone uses your information (name, SSN, etc.) to file a false tax return and claim a fraudulent refund. The number one thing you can do to prevent this […]

Three Steps To Retiring With Lower Tax Liability

We all look forward to that day where we can clock out for the last time, and go home without having to hit the snooze button the next morning to report for work. Retirement […]

Are Tax Free Weekends Really A Good Idea?

Most states have a weekend or two set aside each year where retailers offer goods on a tax free basis. Many consumers take advantage of these weekends by doing their back to school or […]

Tax Considerations To Think About When Deciding On A Business Structure

The decision to go into business for yourself is not an easy one, and should only be made after you have armed yourself with critical information on business management and operations. Your plan should […]

How S Corporations Can Avoid Double Taxation

Any time a new business is formed; several important decisions about how the company will be structured must be made. The choices made at inception will dictate how things are done in the future, […]

Three Most Common Consequences For Failing To Report Income Made Overseas

When filing your annual income tax return, it is a requirement that you include all of the income made for the year, wherever it was made. For people with jobs that take them out […]