Identity theft is a serious issue that can have a significant impact on your finances and your peace of mind. If you suspect that someone has fraudulently filed your taxes, it’s important to take action immediately. Here are the steps you should take if you believe you’re a victim of tax-related identity theft: Contact the … Read more
Understanding Tax Obligations for Students Being a full-time student does not automatically exempt you from federal income tax obligations. The factors that determine whether you need to file a tax return include: Income: The amount of earned and unearned income you receive Dependency status: Whether you can be claimed as a dependent on someone else’s … Read more
Understanding the Benefits and Drawbacks of Filing as a Dependent or Independent Student As a college student, understanding your tax filing options is crucial to maximize your financial benefits. The decision of whether to claim yourself as a dependent or file as an independent student has significant implications for your tax liability and potential refunds. … Read more
Understanding the Audit Process An audit is a systematic and independent examination of an organization’s financial records and operations to assess their accuracy, completeness, and compliance with established standards. The audit process typically involves four distinct phases: planning, fieldwork, reporting, and follow-up. Phase 1: Planning The planning phase lays the foundation for the entire audit … Read more
Yes, you need your closing statement for your taxes. The closing statement, also known as a settlement statement, is an essential document that outlines the financial details of your home purchase. It contains information that you will need when filing your taxes, including: The purchase price of your home The amount of your mortgage loan … Read more
The Internal Revenue Service (IRS) has experienced several shutdowns in recent years, including a significant one in 2021. These shutdowns have impacted taxpayers and tax professionals in various ways. 2021 IRS Shutdown The IRS shutdown in 2021 began on December 26, 2021, and lasted until January 16, 2022. During this time, the IRS suspended most … Read more
The Internal Revenue Service (IRS) has been authorized to distribute stimulus checks to eligible individuals and families as part of the government’s response to the COVID-19 pandemic. These checks are intended to provide financial relief during this challenging time. However, some individuals may be concerned about whether the IRS will offset their stimulus checks against … Read more
Understanding the Protection of Retirement Accounts Generally, retirement accounts like 401(k) plans offer protection against creditors, including commercial entities like banks. This protection stems from the Employee Retirement Income Security Act of 1974 (ERISA), which designates that funds within a 401(k) legally belong to the plan administrator, not the account holder, until the point of … Read more
TransUnion, one of the three major credit bureaus in Canada, provides various services related to credit reporting and monitoring. While these services can be valuable, there may be instances when you encounter unexpected charges or errors that warrant a refund. This guide will provide a detailed explanation of the process involved in obtaining a refund … Read more
Retirement planning involves careful consideration of various factors, including the tax implications of pension income. In Canada, pensioners are subject to income tax on their pension payments, but the amount of tax owed depends on several factors. This guide will provide a comprehensive overview of how taxes are calculated on pension income in Canada, helping … Read more