The IRS has sent you an LT11 Notice or Letter 1058 because you have unpaid taxes. This notice is your final warning before the IRS takes action to collect the debt, which may include seizing your property or levying your wages. What to Do When You Receive an LT11 Notice or Letter 1058 Act immediately. … Read more
The cash method of accounting is a simplified accounting method that allows businesses to record income when it is received and expenses when they are paid. This method is often used by small businesses and individuals because it is easy to implement and maintain. However, there are certain types of businesses that are not eligible … Read more
As a sole proprietor, navigating the complexities of tax filing can be a daunting task. Among the crucial forms you need to file is Schedule C, which reports your business income and expenses. Failing to file this form can trigger a series of consequences, ranging from financial penalties to potential legal repercussions. This comprehensive guide … Read more
PS 58 costs are the premiums paid by an employer for group term life insurance coverage for an employee under a qualified retirement plan. These costs are included in the employee’s gross income for the taxable year in which the plan pays the premium. Reporting PS 58 Costs The plan administrator is responsible for reporting … Read more
Chime, a popular banking app, has come under fire in recent months for allegedly closing accounts and withholding funds from customers without正当理由. Numerous complaints have been filed with the Consumer Financial Protection Bureau (CFPB) and the Better Business Bureau (BBB), and several Facebook groups have been created by disgruntled customers. This article will delve into … Read more
The gift tax is a federal tax imposed on the transfer of property from one individual to another without adequate consideration. While gift-giving is often a thoughtful gesture, it’s essential to be aware of the potential tax implications to avoid any unexpected financial burdens. This guide will delve into the intricacies of the gift tax, … Read more
If you use QuickBooks Self-Employed to track your self-employment income and expenses, you can easily send your tax information to TurboTax to file your taxes. This can save you time and help ensure that your tax return is accurate. Step 1: Review Your Tax Checklist Before you send your tax information to TurboTax, it’s important … Read more
The South African Revenue Service (SARS) has the authority to access detailed information about your bank accounts, including all payments made or amounts received. This includes monthly totals of all credits and debits to your account. What Information Does SARS Have Access To? SARS has access to a wide range of information about your bank … Read more
Understanding the tax implications of Individual Retirement Accounts (IRAs) is crucial for effective financial planning. Key Points: Traditional IRAs offer tax-deferred growth, meaning you pay taxes on withdrawals in retirement. Roth IRAs offer tax-free growth and withdrawals, but contributions are made with after-tax dollars. Non-deductible traditional IRA contributions are subject to double taxation, meaning you … Read more
Purchasing a vehicle can be a significant financial investment, and taxpayers often seek ways to reduce the cost, such as through tax deductions. Key Points: Individuals may deduct either local and state sales taxes or local and state income taxes related to car purchases, up to a maximum of $10,000. Business owners and self-employed individuals … Read more