During the last two years, businesses have faced many struggles and were often forced to cut corners wherever they could just to stay afloat. However, business never sleeps, and you always need to be a few steps ahead of your competition. Besides looking ahead, you...
If you’re reading this, it means you’ve realized that you need to take care of a past-due tax return. Don’t worry – it’s not too late! The IRS has systems in place to help people file their taxes late. Here are the steps you need to take: Gather your paperwork....
When it comes to the IRS, a lot of people just automatically pay the amount that is due on the notice, without questioning it. However, you need to be careful and hold the IRS accountable, because they are not always right. In some cases, you may be able to dispute...
When it comes to car expenses and tax deductions, there are two main methods you can use: the standard mileage method or the actual expenses method. Let’s take a closer look at each of them. The standard mileage method allows you to deduct a certain amount per...
At year-end, when mutual funds owned by individuals make distributions, taxpayers frequently get unpleasant tax surprises. This might happen for a variety of causes, but one frequent reason is that the fund sells some of its assets at a profit. When this happens, the...
Filing your taxes can be a daunting task, especially if you’re doing it for the first time. There are many things to consider, like what tax bracket you fall in and what deductions you’re eligible for. For kids who want to file their own return, it’s...
The Social Security Administration announced a 5.9 percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2022. The increase is based on the rise in the Consumer Price Index over the past 12 months ending in September 2021. For...
Helping make the IRS auditor say yes When faced with questions on your tax return deductions, it is getting all too common for tax authorities to deny everything and then make you prove that your deductions are valid. Do not let this happen to you. Here are some...
In today’s uncertain times, it is challenging to predict what awaits us next year – let alone five to ten years from now, or even a more extended period of time. That is why it is always good to think about things in advance and prepare for when we can no...
Standard Deduction1Deduction Single: $12,950 Joint returns & surviving spouses: $25,900 Married filing separately: $12,950 Head of household: $19,400 The standard deduction increases by $1,400 for a married taxpayer aged 65 or older or blind ($2,800 if both 65 and...
