Filing taxes is an important civic duty that ensures the proper functioning of government programs and services. The Internal Revenue Service (IRS) sets specific income thresholds that determine whether an individual is required to file a tax return. This guide will provide a detailed overview of the minimum income requirements for filing taxes in 2020, … Read more
Understanding the IRS’s Collection Authority The Internal Revenue Service (IRS) possesses a wide range of tools to collect unpaid taxes, including the ability to seize and sell property. However, the IRS generally does not resort to such drastic measures unless other collection efforts have failed. IRS Seizure of Property While the IRS has the authority … Read more
Free Tax Preparation Assistance If you need help filing your taxes, there are a number of free resources available to you. Volunteer Income Tax Assistance (VITA): VITA is a program that provides free tax preparation assistance to low- and moderate-income taxpayers. VITA volunteers are IRS-certified and can help you prepare your federal and state tax … Read more
Can I File Jointly if My Spouse Has No Income? Yes, you can file a joint tax return with your spouse even if one of you had no income. Benefits of Filing Jointly Filing jointly with your spouse can offer several benefits, including: Lower tax liability: Combining your incomes may result in a lower overall … Read more
The Internal Revenue Service (IRS) possesses the authority to seize property owned by individuals who have outstanding tax debts, including vehicles. However, the IRS typically resorts to such measures as a last resort, and several factors influence their decision-making process. Determining Factors in IRS Vehicle Seizure Equity Value: The IRS is more likely to seize … Read more
Understanding Refund Offsets The Internal Revenue Service (IRS) has the authority to offset tax refunds to satisfy outstanding debts owed to the federal government or other agencies. This means that instead of receiving your refund in full, the IRS may apply a portion or all of it towards these debts. Common Reasons for Refund Offsets … Read more
Understanding Tax Withholding and Refunds Tax withholding refers to the process where your employer deducts a portion of your paycheck to cover your estimated federal income tax liability. This amount is then sent to the Internal Revenue Service (IRS) on your behalf. When you file your tax return, you calculate your actual tax liability based … Read more
Navigating the complexities of tax deductions for medical expenses, particularly Medicare premiums, can be a daunting task. However, understanding the eligibility criteria and following the proper guidelines can help you maximize your tax savings. This comprehensive guide will delve into the intricacies of deducting Medicare premiums, providing you with the knowledge to optimize your tax … Read more
In the realm of payroll management, the question of whether to pay employees monthly or more frequently has been a topic of debate. While monthly payroll offers certain advantages, it also presents potential drawbacks that employers must carefully consider. This comprehensive guide delves into the intricacies of monthly payroll, providing valuable insights to help you … Read more
Navigating the complexities of tax season can be daunting, especially when dealing with investment-related income. If you’re a Robinhood user, understanding the types of tax documents you’ll receive and how to use them is crucial for accurate tax filing. This comprehensive guide will delve into the world of Robinhood tax documents, answering the question “Does … Read more