Impact of Adding a Second W-2 on Refund Entering a second W-2 into your tax return can result in a decrease in your refund amount. This is because adding a second W-2 typically increases your total income, which can lead to higher taxes and a lower refund. Reasons for Refund Reduction There are several reasons … Read more
When it comes to retirement planning, two of the most popular options are 401(k)s and Roth IRAs. Both accounts offer tax benefits, but there are some key differences between the two that could make one a better choice for you than the other. Key Differences Between 401(k)s and Roth IRAs Feature 401(k) Roth IRA Contribution … Read more
Yes, the IRS audits rich people. In fact, the IRS is increasing its audits of high-income Americans and large businesses. This is due to the Inflation Reduction Act of 2022, which provided the IRS with $80 billion in additional funding. The IRS has stated that it will not increase audit rates for taxpayers earning less … Read more
Estimated taxes are payments made to the Internal Revenue Service (IRS) 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 after subtracting any withholding or credits. Who Needs to Pay Estimated … Read more
Filing taxes as an expat can be a daunting task, and receiving a notice from the IRS stating that your information doesn’t match can be particularly unsettling. This mismatch can lead to delays in processing your refund and can raise concerns about potential errors or discrepancies. In this comprehensive guide, we will delve into the … Read more