by Admin | Jul 28, 2022 | Business Taxes, Individual Taxes, Tax Planning
If you sold your home this year or are thinking about selling it, there are many tax-related issues that could apply to that sale. To help you prepare for reporting the sale you may have already made or make you aware of what issues you may face if you are in the...
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...
by Admin | Jul 14, 2022 | Business Taxes, Entrepreneurial, Individual Taxes, Tax Planning, Tax Scams
All taxpayers have a set of fundamental rights they should be aware of when dealing with the IRS. Explore your rights and our obligations to protect them. The Right to Be InformedThe Right to Quality ServiceThe Right to Pay No More than the Correct Amount of TaxThe...
