by Admin | Oct 17, 2022 | Business Taxes, Individual Taxes
You may qualify to have certain penalties removed or reduced if you acted with reasonable cause and in good faith. On This Page Reasonable CauseFailure to File or Pay PenaltiesAccuracy-Related PenaltiesInformation Return PenaltiesApply for a Payment PlanHow to Request...
by Admin | Oct 13, 2022 | Individual Taxes, Retirement, Tax Planning
According to one recent study, about 27% of people in the United States between the ages of 55 and 67 years old have less than $10,000 saved for retirement. If you needed just one statistic to outline how important it is to plan ahead when you’re younger, let it...
by Admin | Oct 5, 2022 | Individual Taxes
WASHINGTON – The Internal Revenue Service Independent Office of Appeals is taking important steps to improve how taxpayers interact and communicate with the IRS by revising their initial contact letters. “Appeals resolves federal tax disputes, without litigation, in a...
by Admin | Oct 4, 2022 | Individual Taxes, Tax Planning
Going all the way back to 2006, except for 2008, the federal tax code has offered a tax credit for making energy-saving improvements to a taxpayer’s home. This credit had expired after 2021 but has been given renewed life and substantially enhanced by the Inflation...
by Admin | Oct 1, 2022 | Business Taxes, Individual Taxes, Tax Planning
October 2022 Individual Due Dates October 11 – Report Tips to EmployerIf you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 11. Your...
by Admin | Sep 29, 2022 | Individual Taxes
With the recent passage of the Inflation Reduction Act of 2022, the electric vehicle credit has undergone some major changes. Although most of the changes take effect in 2023, to qualify for the current credit, vehicles purchased after August 15, 2022, are...
