Tax Preparation and Consulting, Financial Counseling and Education
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There was a change in 1099-K reporting that requires third party payment networks (Paypal, Venmo, etc…) to report transactions for goods or sevices on a 1099-K if they add up to $600 or more for the year. That lower requirement can apply in other cases as well. The 1099-K would go to the recipient of …
Many of us taxpayers find that our tax refund slips through our fingers within a few weeks of receiving it. And some of us wished we had saved all, or at least some, of it. If you are among the want-to-be savers, here are a few ideas to help make that happen: Lower Your Tax …
Just like many areas around this topic, this can get messy. I’ll summarize, but if you are preparing your own tax return, the IRS has an entire publication for this that you should consult, Pub 504. There can be several filing options. The starting point on determining which options are available is whether the taxpayer …
Unfortunately I often come across this when a parent files their tax return electronically and the return gets rejected by the IRS. The rejection code will indicate that another tax return was filed claiming the dependent. At this point if the parent with the rejected return is certain that they have the right to claim …
No one wants to be on the IRS naughty list or have any issues with the IRS. Over the course of our lives we learn a few practices to help us avoid problems or at least reduce how bad a problem may become. For example, I refill my gas tank when it reaches ¼ of …
I know I have a lot of value as a tax professional. But some taxpayers can and are willing to do tax prep themselves. But how do you know that you should? Here are some things to consider. If you would like to speak to me about what value I can bring to your tax …
It is your money. It is your personal information. It is important to make the right choice. I wrote this article to help you in your decision. I am biased and would prefer that you choose me. You can find some reasons to choose me here. If you do prefer software, consider 1040.com with its …
Many taxpayers have experienced the frustration of a tax refund taking longer to reach us than we would like. Most taxpayers do receive their refunds within 21 days. And some delays are relatively normal. But what if it is simply taking too long, what should you do? You can get some tips by reading here.
The IRS just announced that they will start sending out information letters, “Letter 6419” at the end of December, which is a little earlier than previously announced. This letter provides the total advance Child Tax Credit payment received, if you received any. This letter is important for filing your tax return, so keep it. If …