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Accounting && Auditing

What is the Penalty for Not Paying Payroll Taxes?

Payroll taxes are a crucial obligation for employers, ensuring that employees’ contributions to Social Security, Medicare, and unemployment insurance are withheld and remitted to the government. Failure to fulfill these obligations can result in significant penalties and legal consequences. This article delves into the penalties associated with unpaid payroll taxes, providing a comprehensive overview for … Read more

Are Yard Improvements Tax Deductible?

Maintaining a beautiful and functional yard can be a significant expense for homeowners. However, there are potential tax deductions available for certain yard improvements, offering financial relief and encouraging property upkeep. This article explores the eligibility criteria and types of yard improvements that qualify for tax deductions, empowering homeowners to make informed decisions regarding their … Read more

What Bank Does TurboTax Use?

TurboTax, a leading tax preparation software, offers a convenient service called “Pay With My Refund” that allows taxpayers to receive their tax refund quickly and easily. However, many users wonder which bank TurboTax partners with to facilitate these transactions. This article provides a comprehensive analysis of the relevant information to answer the question: “What bank … Read more

Is It Better to Claim Mileage or Gas on Taxes?

As a self-employed individual or business owner, accurately tracking and deducting vehicle expenses is crucial for reducing your tax liability. The two primary methods for deducting vehicle expenses are the standard mileage rate and the actual expenses method. Understanding the differences between these methods and their respective advantages and disadvantages is essential for making an … Read more

Should I Fill Out Form 2210?

Understanding Form 2210 Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts, is a tax form used to calculate and report any penalty you may owe for underpaying your estimated taxes throughout the year. The IRS typically calculates this penalty for you, so filing Form 2210 is generally not necessary. However, you can … Read more

The Third Economic Impact Payment: A Comprehensive Guide to Eligibility and Amount

The American Rescue Plan Act of 2021 authorized the third round of Economic Impact Payments (EIP3) as a form of financial relief to eligible individuals and families amidst the ongoing COVID-19 pandemic. This payment, also known as the third stimulus check, differs from the previous two rounds in several key aspects, including eligibility criteria, payment … Read more