by Admin | Jul 27, 2022 | Individual Taxes
The IRS Strategic Plan FY2022-2026 was created to help guide the agency’s programs, internal operations and customer service. The plan is also designed to help the changing needs of taxpayers and members of the tax community. “Through the Strategic Plan, we want...
by Admin | Jul 27, 2022 | Individual Taxes
Tax tip from the IRS Website: Source: Internal Revenue Service July 21, 2022 Tax Tip https://www.irs.gov/newsroom/people-without-a-filing-requirement-may-miss-out-on-a-refund-if-they-dont-file-a-2021-tax-return “Some people may choose not to file a tax return...
by Admin | Jul 26, 2022 | Business Taxes, Individual Taxes, Tax Planning
August 10 – Report Tips to EmployerIf you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 10. Your employer is required to withhold FICA...
by Admin | Jul 26, 2022 | Business Taxes, Individual Taxes, Tax Planning
Effective for 2022 and later years, Congress reduced the threshold for the Form 1099-K filing requirement from $20,000 to a mere $600. So, you might ask, what does that have to do with me? This change can impact taxpayers in several ways, some unexpected, so you may...
by Admin | Jul 21, 2022 | Individual Taxes, Tax Planning
Despite recent rounds of forgiveness for thousands of borrowers, nearly 43 million Americans are responsible for roughly $1.6 trillion in federal student loans which results in a significant long-term burden for students after graduation. The average debt...
by Admin | Jul 14, 2022 | Individual Taxes, Tax Planning
Starting July 1, 2022, the state of Virginia now requires taxpayers to submit all of their income tax payments electronically if: Any estimated tax payment exceeds $1,500; orAny extension payment exceeds $1,500; orThe total anticipated income tax liability in any...
