Our Financial Blog
Considering a New or Pre-Owned Electric Vehicle? Read This First to See If You Will Benefit From a Tax Credit
2023 brings with it a whole new set of rules related to qualifying for the tax credit for purchasing a new or used electric vehicle. Among the changes that must be navigated are buyer income limitations, vehicle assembly and component limitations and even vehicle...
The IRS Issues Update to the Tax Scams to Be Aware of For 2023 and Beyond
When it comes to income taxes, two things tend to be true every year. The first is that April will always roll around yet again, whether you like it or not - which means that it's in your best interest to make sure your tax filing needs are accounted for. The second...
When an IRS letter arrives, taxpayers don’t need to panic, but they do need to read it
Getting a letter from the IRS can make some taxpayers nervous – but there’s no need to panic. The IRS sends notices and letters when it needs to ask a question about a taxpayer's tax return, let them know about a change to their account or request a payment. When an...
Want to Improve Your Cash Flow? Shorten the Amount of Time it Takes to Get Paid
To say that things are uncertain right now when it comes to the economy is, in all probability, a bit of an understatement. Inflation is at levels we haven't seen in decades. Employment costs are rising across the board. Materials in a number of industries are more...
The Gen Z Freelance Movement and the Tax and Bookkeeping Challenges That Come With It
If it seems like more and more employees are turning to freelance work these days, you're not imagining things. According to one recent study, there are currently 73.3 million freelancers in the United States alone. The fast-paced mobile era that we're now living in,...
IRS tools and resources to help small businesses
Small businesses play an important role in the nation's economy. During National Small Business Week, the IRS reminds taxpayers that IRS.gov has resources and tools to help small businesses understand and meet their tax responsibilities. Bookmark these important...
Time running out to claim $1.5 billion in refunds for tax year 2019, taxpayers face July 17 deadline
The Internal Revenue Service announced that nearly 1.5 million people across the nation have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return. The IRS estimates almost $1.5 billion in refunds remain unclaimed because people...
National Small Business Week advice from the IRS: Plan now to take advantage of new and existing tax benefits, prepare for reporting changes
The Internal Revenue Service urged business taxpayers to begin planning now to take advantage of tax-saving opportunities and get ready for reporting changes that take effect in 2023. During National Small Business Week, April 30 to May 6, the IRS is joining the Small...
IRS reminds tax-exempt organizations of annual May filing deadline
The Internal Revenue Service reminds thousands of tax-exempt organizations of their May 15, 2023, filing deadline. The annual filing due date for certain returns filed by tax-exempt organizations is normally by the 15th day of the 5th month after the end of an...
Here’s what taxpayers need to know to claim clean vehicle tax credits
The Inflation Reduction Act of 2022 made several changes to the tax credits provided for qualified plug-in electric drive motor vehicles, including adding fuel cell vehicles to the tax credit. Beginning January 1, 2023, eligible vehicles may qualify for a tax credit...
Mistakes happen: Here’s when to file an amended return
Even after making every effort to file a complete and accurate tax return, mistakes can happen. When a taxpayer realizes that the tax return they filed has a math error, missing income or other mistake, they may wonder if they need to correct it by filing an amended...
Missed the Tax Day deadline? Here’s what taxpayers should do
Taxpayers who missed the recent April filing and payment deadline should know their obligations and the possible consequences if they don’t file or have an overdue tax bill. Taxpayers who owe taxTax owed and not paid by April 18, 2023, is subject to penalties and...
Filing a final federal tax return for someone who has died
After someone with a filing requirement passes away, their surviving spouse or representative should file the deceased person's final tax return. On the final tax return, the surviving spouse or representative should note that the person has died. The IRS doesn't need...
Worried About Getting Audited? Here’s What You Need to Know About Your Chances….
If you've been following the news recently, you're no doubt familiar with the talk about the Internet Revenue Service hiring new agents during a time when they've been critically understaffed for years. Indeed, the IRS is expected to receive approximately $80 billion...
Not Required to File a Tax Return? Reasons You May Want to Anyway!
Generally, individuals are required to file a tax return for a year if their income exceeds the standard deduction for their filing status for that year. But even if they are not required to file it may be beneficial to do so. They could be missing out on huge...
Don’t Get Hit with IRS Underpayment Penalties
Under federal law, taxpayers must pay taxes during the year as they earn or receive income, or they can find themselves falling victim to substantial underpayment penalties. Even worse, they may have spent the money, and when tax time comes are unable to pay their...
Commonly Asked Tax Questions
Those dealing with income taxes only once a year when involved with their own personal tax return often have questions related to tax terminology. The following is a compilation of questions frequently asked by individuals: What is Filing Status? – Everyone that files...
Don’t fall for these federal tax refund myths
Once people complete and file their tax return, many of them eagerly await any refund they may be owed. No matter how a taxpayer plans to use their tax refund, knowing fact from fiction can help manage expectations as they wait for their money. This tip dispels some...
It’s Not Too Late for an IRA Contribution
Most of the time an expense that may be tax deductible needs to be paid by the end of the year for which the expense will be claimed. However, there is an exception to that rule. IRA contributions for the prior year can be made after the close of the year if made by...
Can’t Pay Your Taxes? Here Are Some Options
About 3 out of 4 American taxpayers receive a refund each year when they file their income tax returns, but there are those who for one reason or another end up owing. Of those who owe Uncle Sam many don’t have the means to pay what they owe by the return due date...