The IRS Is Paying Attention Again: Why More Taxpayers Are Getting Notices
For a period of time, IRS activity felt quieter. Response times were longer. Enforcement felt less visible. Fewer taxpayers were hearing from the IRS directly. Many people got used to that environment. Now things are shifting. Not all at once, but steadily. More notices are being issued. More requests for clarification are being sent. More follow-ups are happening on […]
Read More →Beat the SALT Cap: How PTET Lets Pass-Through Owners Reclaim State Tax Deductions
If you pay substantial state and local taxes (SALT) and feel the pain of the federal cap on SALT deductions, you may find relief if you are eligible to use the pass-through entity elective tax (PTET), a planning tool to overcome the limit on deducting state and local taxes as an itemized deduction on your […]
Read More →Checking Your Federal Refund Status Is Easy
As you are no doubt aware, the IRS has made a significant shift in its approach to issuing tax refunds by discontinuing the practice of sending refunds via paper checks. This change is part of an ongoing effort to enhance efficiency and security in processing tax returns. By moving towards electronic transfers, the IRS aims to reduce […]
Read More →Sold Your Home Before Meeting the Gain Exclusion Requirements? You May Still Qualify for a Partial Exclusion
When selling a principal residence, taxpayers turn to Section 121 of the Internal Revenue Code to mitigate potential capital gains taxes. Under this provision, homeowners can exclude up to $250,000 of gain ($500,000 for qualifying joint filers) from the sale. To fully qualify, individuals must have owned and lived in the home as their primary […]
Read More →Estimated Tax Payments Are Not Just for the Self-Employed
Unlike employees, who have income, Social Security, and Medicare taxes withheld from their wages, self-employed individuals must prepay their taxes by making periodic estimated tax payments. These are referred to as estimated tax payments because the self-employed individual must estimate his or her net earnings for the year and pay taxes per an IRS schedule according to […]
Read More →It’s Tax Time – Beware of Scams
Tax season is a busy time for taxpayers. It is also a busy time for criminals as they ramp up efforts to trick people into sharing sensitive personal information. Identity thieves use this information to try filing false tax returns and stealing refunds, plus scam you financially in other ways. You may think you are harp on a lot […]
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