Navigating the 2022 Tax Filing Season Taxpayers eagerly awaiting the commencement of the 2022 tax filing season can mark their calendars for Monday, January 24, 2022. This is when the Internal Revenue Service (IRS) will officially begin accepting and processing individual tax returns for the 2021 tax year. Key Filing Season Dates January 14, 2022: … Read more
As an independent contractor or freelancer, you’re responsible for paying your own taxes. This can be a daunting task, especially if you’re not familiar with the tax code. However, there are a number of strategies you can use to reduce your tax liability and save money. In this guide, we’ll provide you with six tips … Read more
The IRS updates refund statuses once per week on Wednesdays. This means that if you e-file your tax return, you can expect to see your refund status updated on the Wednesday following the week in which you filed. If you file a paper return, it may take up to four weeks for your refund status … Read more
Understanding Estimated Taxes Estimated taxes are payments made throughout the year to cover the income tax you expect to owe when you file your annual tax return. These payments are required if you expect to owe more than $1,000 in taxes when you file. Who Must Pay Estimated Taxes? Individuals, including sole proprietors, partners, and … Read more
Navigating the complexities of tax audits can be a daunting task, especially when dealing with both state and federal authorities. The question of whether a state audit can trigger a federal audit, and vice versa, is a common concern among taxpayers. To provide clarity, this comprehensive guide delves into the nuances of state and federal … Read more
As a self-employed individual, navigating the complexities of tax deductions can be a daunting task. However, understanding the standard deduction is crucial for optimizing your tax savings. This comprehensive guide will delve into the intricacies of the standard deduction, providing you with a clear understanding of its benefits and how to maximize it. What is … Read more
The Internal Revenue Service (IRS) is responsible for enforcing the nation’s tax laws. As part of this responsibility, the IRS conducts audits to ensure that taxpayers are complying with these laws. However, the IRS does not have the resources to audit every tax return that is filed. Instead, the IRS uses a combination of automated … Read more
Receiving a notice from the Internal Revenue Service (IRS) can be a nerve-wracking experience, especially if it pertains to a review of your tax return. Understanding the reasons behind an IRS review can help alleviate anxiety and prepare you for the process. This comprehensive guide will delve into the various factors that may trigger an … Read more
Navigating the complexities of tax deductions can be a daunting task, especially when it comes to claiming expenses without receipts. However, understanding the rules and regulations can empower you to maximize your deductions and minimize your tax liability. This comprehensive guide will delve into the intricacies of claiming expenses without receipts, providing you with the … Read more
As the tax filing season approaches, it’s crucial to stay informed about any changes in tax laws that may affect your tax liability. This guide will provide a comprehensive overview of the tax changes implemented in 2022, helping you navigate the complexities of the tax code and plan your finances accordingly. Income Tax Rates and … Read more