The Internal Revenue Service (IRS) conducts audits to ensure that taxpayers are accurately reporting their income and expenses. Schedule C is a form used by self-employed individuals to report business income and expenses. There are several factors that can trigger an audit of a Schedule C. Common Triggers for a Schedule C Audit High expenses … Read more
In the realm of tax deductions, business owners and individuals alike are constantly seeking ways to minimize their tax liability while maximizing their financial gains. One such avenue that often raises questions is the possibility of writing off SUVs for tax purposes. To shed light on this topic, we delve into the intricacies of the … Read more
In the realm of personal finance and tax obligations, understanding why federal taxes may not be withheld from paychecks is crucial for ensuring compliance and avoiding potential tax liabilities. This comprehensive guide delves into the intricacies of federal tax withholding, exploring the underlying causes and providing actionable steps to address this situation. Understanding Federal Tax … Read more
Social Security benefits provide a vital source of income for millions of Americans during their retirement years. However, it’s important to be aware that various factors can lead to deductions from your monthly Social Security check, reducing the amount you ultimately receive. This guide will delve into the different types of deductions that may be … Read more
Navigating tax debt can be a daunting task, but the Internal Revenue Service (IRS) offers programs to assist taxpayers who are struggling to fulfill their tax obligations. One such program is the Offer in Compromise (OIC), which allows individuals to settle their tax debt for less than the full amount owed. This guide will provide … Read more
Navigating the complexities of taxes can be daunting, especially when it comes to investments. Robinhood, a popular trading platform, simplifies investing but also raises questions about tax implications. This comprehensive guide will delve into the intricacies of Robinhood taxes, providing a clear understanding of your tax obligations and strategies to optimize your tax liability. Understanding … Read more
The duration of an IRS tax evasion investigation can vary significantly depending on the complexity of the case and the resources available to the agency. However, based on the information provided in the given URLs, we can provide an overview of the typical timeline and process involved in such investigations. Initiation of Investigation IRS criminal … Read more
The American Rescue Plan Act, signed into law on March 11, 2021, authorized a third round of Economic Impact Payments (EIP3) to eligible individuals and families. The IRS began sending out these payments on March 12, 2021. Eligibility for the Third Stimulus Check To be eligible for the third stimulus check, you must meet the … Read more
IRS Progress on Tax Return Processing: Catching Up and Exceeding Expectations The Internal Revenue Service (IRS) is making significant strides in processing tax returns for the 2024 tax season, despite a slightly delayed start compared to 2023. As of March 29, the IRS had processed over 88.8 million federal income tax returns, representing a 1% … Read more
In 2021, the American Rescue Plan Act authorized a third round of Economic Impact Payments (EIP3) to provide financial relief to Americans amidst the COVID-19 pandemic. While the majority of eligible individuals received their payments automatically, some may have missed out due to various factors. This guide will provide a comprehensive overview of the EIP3 … Read more